Stifel Financial and Thomas Weisel Partners Group have entered into a roughly $300-million merger agreement, several months after Stifel acquired 56 UBS branches.
If the merger is completed as planned by June 30, Stifel’s 1,900 financial advisors could have access to Thomas Weisel private-equity and other products, as well as Thomas Weisel’s Silicon-Valley clients, as early as this summer.
“We expect the combined firm to benefit from the investment banking, research, and sales and trading platforms of both firms, as well as the brokerage services offered by Stifel’s global wealth management division and the strong venture capital relationships and expertise in growth companies of Thomas Weisel Partners,” said Stifel Chairman, President and CEO Ronald J. Kruszewski in a press release.
Thomas Weisel’s private-equity group includes an $890 million growth-oriented fund of funds; a $122 million health-care venture capital fund and a $253 million early-stage venture capital fund.
M&A Track Record
Stifel has been on a merger tear over the past few years.
It acquired Legg Mason’s capital-markets division in late 2005. In early 2007, it bought Ryan Beck’s private-client group and investment-banking divisions. In late 2008, it acquired 17 offices from Butler Wick.
And in October 2009, Stifel wrapped up its purchase of 56 UBS branches that included about 495 financial advisors and $16 billion in assets under management.