Stifel Financial has named Launny Steffens, a former longtime Merrill Lynch executive, to a newly created role — vice chairman for asset management — and will acquire over $1 billion in assets under management from his private investment management firm.
Steffens is tasked with growing Stifel’s financial advisor network, advancing the firm’s asset management capabilities and sourcing strategic investment banking opportunities, the wealth management and brokerage company said Wednesday.
Steffens' experience includes a 38-year career at Merrill, where he held multiple leadership positions, including president of Merrill Lynch Consumer Markets, vice chairman of Merrill Lynch & Co., and U.S. Private Client Group chairman. During his tenure overseeing Merrill’s Private Client Group, the business's assets under management grew to nearly $1.6 trillion in 2000 from $200 billion in 1985, according to Stifel.
After leaving Merrill, Steffens and former McKinsey and Co. executive Greg Ho co-founded Spring Mountain Capital, a private investment management firm focused on alternative assets. As part of Steffens and Ho’s move to Stifel, the firm will acquire more than $1 billion in AUM from Spring Mountain and take on key investment professionals who manage the assets.
The transaction is expected to close later this year, subject to customary conditions.
“Launny Steffens is a legend in our industry,” Stifel Chairman and CEO Ronald J. Kruszewski said. “His experience, insight, and unmatched relationship network make him an exceptional addition to our firm. We are excited to welcome Launny to Stifel, and I am confident he will help us accelerate our momentum across several strategic areas.”
“What truly sets Stifel apart is its culture. It reminds me of an earlier era in our business, when firms were more entrepreneurial, client-focused, and advisors truly owned their book of business. Stifel has managed to preserve that classic spirit, while still embracing innovation," Steffens said.
Dechert LLP is acting as legal counsel to Stifel in connection with this transaction and Pryor Cashman LLP is acting as legal counsel to Spring Mountain Capital.
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