Exclusive:
Stifel in lead to buy Barclays' U.S. wealth unit -
sources
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[May 30, 2015]
By Lauren Tara LaCapra and Jessica Toonkel
(Reuters) - Investment bank Stifel
Financial Corp <SF.N> is in advanced negotiations to acquire Barclays
Plc's <BARC.L> U.S wealth management unit, according to three people
familiar with the situation.
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Stifel is now negotiating key aspects with Barclays, although a deal
is not certain and Barclays could go back to other bidders that have
made offers, the people said this week.
A deal for the business - the former brokerage arm of Lehman
Brothers - could come as early as next week, the people said.
The price being discussed could not be learned.
The sources requested anonymity because the matter is not public,
and a spokeswoman for Stifel and a spokesman for Barclays declined
to comment.
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Barclays has been reaching out to potential acquirers for the
business for several weeks because it views it as non-core, sources
told Reuters.
Stifel Chairman and Chief Executive Ron Kruszewski has acquired
several, mostly troubled retail brokerage and investment banking
firms since 2005. The once low-key St. Louis firm that specialized
in municipal bonds is now a national presence serving individual
investors and middle-market companies.
Kruszewski, a fireman’s son who became CEO in 1997, has paid
relatively low prices for the acquisitions, but often provides
generous pay packages to retain employees of the firms.
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A deal between Stifel and Barclays would come on the heels of
Stifel's agreement in February to buy Alabama-based Sterne Agee
Group for about $150 million.
Sterne Agee has about 730 brokers, who together with those now
working at Barclays Wealth Americas, would bring the Stifel
brokerage force to more than 3,000.
(Additional reporting by Jed Horowitz, Liz Dilts and Mike Stone in
New York. Editing by Andre Grenon and Christian Plumb)
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