Stifel Financial Chairman and CEO Ron Kruszewski says the firm remains open to further acquisitions and is upbeat about its recruiting momentum due to lower costs.
The firm — which has 2,282 financial advisors with over $235 billion in assets — reported Tuesday that it more than doubled net income in the fourth quarter to $24.5 million, or $0.31 per share, from $11.2 million, or $0.14 per share, a year earlier. Sales rose 14% to $661.4 million.
Speaking with equity analysts about the results for its offices in St. Louis, Kruszewski said the firm “will continue to look at acquisition opportuni[ties].”
“My message is that we will always look at good deals,” he explained, adding that Stifel is currently focused on “taking advantaging of the market conditions and improving and consolidating what we’ve done …”
When it comes to mergers and acquisitions, Stifel has been on a tear.
It wrapped up its purchase of Indianapolis-based City Financial in mid-January. City has 40 advisors with $4 billion in assets. In 2016, Stifel bought Eaton Partners, which works with institutional investors.
These deals came on the heels of M&As that included Sterne Agee and Barclays Wealth Americas. With Barclays, for instance, some 180 reps with about $56 billion came on board.
Stifel’s executive insists it is not in a hurry to strike another deal.