US-based financial services firm Stifel Financial is seeking additional acquisition opportunities to further expand its footprint in the UK wealth management industry after it bought London broker Oriel Securities.
The firm’s interest in the European market is said to be on the back of high movement in the UK wealth management business, which is accumulating heavy investments from foreign firms including Edmond de Rothschild and Reyl & Co.
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Stifel Financial chief executive Ron Kruszewski was quoted by The Financial Times as saying that the company has many potential deals, but it is seeking the right opportunity to expand further into the market.
The financial services company is keen to leverage the retrenchment of European lenders in investment banking with a company the size of Canaccord Genuity, a wealth management unit of Collins Stewart that it divested in 2011.
Kruszewski told FT, "A lot of market share is falling off the tree and we will just need to pick it up. Over the next five years the economic situation in Europe will be better and we want to be here and part of it."
In addition to new entrant Oriel, the group’s portfolio comprises financial services-focused investment bank Keefe, Bruyette & Woods and fixed income sales and trading group Knight.
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By GlobalDataStifel, meanwhile, is looking to expand its work staff in the UK, to expand its European revenues by two-fold to nearly $200m. It has planned to hire 280 people across its offices in London, Geneva, Madrid and Zurich, besides intentions to integrate all of its employees in London into one office.
