CEO Ronald Kruszewski of Stifel.

Stifel Financial (SF) said Monday that it was selling the independent brokerage, clearing, and RIA businesses of Sterne Agee to INTL FCStone (INTL).

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.

Stifel bought Sterne Agee last year for about $150 million. The firm includes about 2,800 reps, about 600 of whom are independent.

“This acquisition brings $11 billion in client assets, over 100,000 accounts and 50 correspondent clearing relationships to INTL,” explained Charles Lyon, head of INTL FCStone’s Securities Division, in a statement.

“The Sterne Agee clearing business is a well-respected franchise that provides us with a strong platform to grow our clearing and related securities activities,” Lyon added. “The independent wealth management business provides us with an excellent foothold in a segment of retail wealth management that is growing and should lead to additional opportunities in that space.”

— Check out 4 Factors That May Cause a Flood of Broker-Dealer Sales on ThinkAdvisor.