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Stifel picking up George K Baum
Posted on Monday, 12 August 2019 12:26
New York-listed Stifel Financial has reached an agreement to acquire investment banker George K Baum & Company (GKB).
No financial details of the transaction have been disclosed at this time.
Completion is slated to follow during the final quarter of 2019.
Commenting on the acquisition, Stifel chief executive Ronald Kruszewski said: "This transaction brings GKB's nationally recognised municipal securities business to Stifel and further strengthens Stifel's ability to provide top tier service to municipal issuer clients and non-profit borrowers.
“Further, GKB's regional and sector focused practices provide a unique fit with Stifel's existing public finance structure and a strong foundation to grow our businesses."
His counterpart at the target, Jonathan Baum, added that the move will benefit both existing and future clients by enabling them to access the nation’s largest public finance platform.
The acquisition does not include the George K Baum Capital Advisors or Baum Capital Partners businesses.
Stifel is no stranger to the acquisition trail, having already announced one takeover this year, according to Zephyr, the M&A database published by Bureau van Dijk; back in April, it agreed to pick up Connecticut-headquartered investment banker Mooreland Partners.
No financial details of the transaction, which subsequently closed in early July, were disclosed.
The firm also announced two acquisitions during 2018; the first of these saw it agree to buy Missouri-based commercial bank Business Bancshares in May.
This was followed by the purchase of First Empire Holding Corporation, a New York-headquartered provider of investment and balance sheet services, in October.
Financial details were not available for either transaction.
Zephyr shows that the most valuable deal targeting an investment advisor to have been announced worldwide in 2019 is worth USD 2,024 million and involved PetroChina and China National Petroleum injecting more cash in wholly-owned subsidiary China Petroleum Finance.
© Zephus Ltd