(Bloomberg) -- William Heinzerling, who has led Stifel Financial’s fixed-income business since 2009, is leaving the firm, according to people with knowledge of the matter.
Eric Needleman, who joined Stifel with the acquisition of rival brokerage Sterne Agee last year, becomes sole head of the business, the people said, asking not to be identified because the change hasn’t been announced publicly. Heinzerling, 57, had spent more than two decades with Citigroup and its predecessors, including a leading role in its fixed-income division.
A representative for St. Louis-based Stifel didn’t respond to requests for comment. Heinzerling declined to comment.
Needleman, 45, was chairman of Sterne Agee and has been playing a prominent role as Stifel built out its securities operations, the people said. Heinzerling’s departure was amicable and he plans to pursue other opportunities, the people said.
Stifel Chief Executive Officer Ronald Kruszewski, 57, has made more than two dozen takeovers since assuming the top job in 1997 to help expand the boutique investment bank. His latest acquisitions also include Barclays’ U.S. wealth-management business and Eaton Partners.
The company reported $83.6 million in institutional fixed-income brokerage revenue in the first quarter, a 38% increase from a year earlier and a 14% boost from the fourth quarter of 2015,
