Stifel reels in $342M team
Stifel recruited a former Oppenheimer & Co. team that managed more than $342 million in client assets, according to a company spokesman.
The move builds on other hires at the regional firm, which is working to capitalize on recruiting cutbacks at three of the wirehouses.
It seems that a long bull market in transition deals may be coming to an end.
"It's always nice when one poker player folds and it's down to two or three players," one recruiter says.
The wirehouse's executives think they've struck on the right formula to boost growth through a simplified comp plan, greater autonomy and an attractive retirement package.
The new hires ― Scott Kruse, Robert Schmidt Jr., and Jim Gaudette ― joined Stifel in Bellevue, Washington. They operate as the Cascadia Group and report to Mark McClure, branch manager.
Schmidt said in a statement that they were motivated to switch firms in part because Stifel's corporate culture and philosophy attracted them.
The group is comprised of industry veterans. Kruse started his career at Evans Llewellyn Securities in 1981, according to FINRA BrokerCheck. Schmidt began his career at Lehman Brothers in 1991 and Gaudette started his at Security Pacific Investments in 1989.
A spokeswoman for Oppenheimer & Co. could not be reached for immediate comment.
Last week, Stifel said it hired a father-son team that managed approximately $140 million in client assets.