A Stifel subsidiary bought a $1.3 billion RIA, adding to the St. Louis-based regional BD’s growing portfolio of M&A deals.
The deal between Stifel’s 1919 Investment Counsel and San Francisco-based Rand & Associates will give the latter firm “a long-sought physical presence on the West Coast where we already serve many clients,” Harry O’Mealia, CEO of 1919 Investment Counsel, said in a statement.
Rand & Associates comprises 11 employees and manages $1.3 billion for about 400 families, according to the broker-dealer.
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The regional BD's three hires come from Wells Fargo and Ameriprise.
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The firm promoted two insiders: David Sliney and Jim Marischen.
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Stifel is expanding on the West Coast, hiring 13 recruits in California year-to-date.
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The deal will also boost the combined firm’s capabilities in serving individuals, families, and institutions, according to Stifel.
“The addition of Rand to Stifel’s 1919 platform is yet another step in the firm’s expanding wealth and asset management practices,” Stifel CEO Ronald J. Kruszewski said in a statement.
Andrew Rand, founder and managing director of Rand & Associates, said the two firms were a good fit because of shared corporate philosophies. He also said he looks forward to utilizing 1919 Investment Counsel’s platform.
“Their well-developed administrative, operations, and trading infrastructure will enable us to focus even more intently on providing expert investment advisory and wealth management services,” Rand said in a statement.
Terms of the deal were not disclosed.
Stifel’s previous acquisitions in recent years included Barclays’ U.S. wealth management unit and
