Stifel Chairman & CEO Ronald J. Kruszewski.

Stifel Financial says it is buying the wealth management business of Chicago-based Ziegler Wealth Management, which has 57 private advisors and $4.8 billion in client assets, for an undisclosed amount.

According to its third-quarter earnings, Stifel has 2,252 financial advisors with some $265 billion in assets. Earlier this year, the St. Louis-headquartered firm wrapped up its purchase of City Financial, which had roughly 40 financial advisors across eight Indiana offices with roughly $4 billion in client assets at the time.

“We have worked with the management team at Ziegler in the past and we are excited to add not only a growing and profitable business to our platform but one whose culture of integrity and putting the client first is very similar to our own,” Stifel Chairman & CEO Ronald J. Kruszewski said in a statement.

“The sale of our Wealth Management division to Stifel makes strategic sense, as it allows our colleagues to grow with a company that has an equally impressive 128-year history of helping clients achieve their financial goals,” explained Ziegler CEO Tom Paprocki, in a statement. “Simultaneously, this move allows us to tighten Ziegler’s focus on our institutional offerings, such as investment banking, capital markets and fund management.”

In the third quarter, Stifel has earnings per share of $0.89, beating equity analysts’ estimates and last year’s $0.69 EPS; net income was $66.5 million vs. $52.8 million in Q3’16.

The firm also topped revenue estimates with sales of $721.20 million for the quarter, a jump of 12% from the year-ago period.

Global wealth management brokerage revenues, however, were $158.3 million as of Sept. 30, a 4% decrease from Q3’16 and a 6% drop from Q2’17. Including asset management and service fees, the broader wealth management operations had sales of $454 million, a jump of 16% from Q3’17.