The deal involves selling Sterne Agee Financial Services, Sterne Agee Clearing, Sterne Agee Leach, Sterne Agee Asset Management and Sterne Agee Investment Advisory Services. The sale price was not diclosed.
To support these businesses, INTL FCStone has agreed to hire nearly all of the Birmingham, Alabama-based support professionals, according to Stifel.
“Last year, we successfully integrated the Private Client Group branches and institutional fixed income business from our Sterne Agee acquisition. We are pleased to have found an acquirer in INTL FCStone who is committed to these businesses and the professionals in the Birmingham community,” said Stifel Chairman & CEO Ronald J. Kruszewski, in a statement.