CRT Capital Group, a US-based independent institutional broker-dealer, has inked an agreement with Sterne Agee Group and Stifel Financial to purchase Sterne Agee’s institutional equity operations.
Stifel recently announced its acquisition of Sterne Agee, which is expected to close in the second quarter of 2015.
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Under the deal, CRT will acquire Sterne Agee’s equity sales, trading and research distribution platform. The platform serves over 1,000 institutions and clients across various locations such as New York, Boston, Chicago, Dallas, San Francisco and London.
CRT Capital Group CEO Ted Janulis said, "This transaction represents a transformational opportunity for CRT. We will be significantly advancing our growth strategy by bringing together Sterne Agee’s preeminent equity sales, trading and research business and CRT’s well-established franchise in research, equities, credit and investment banking."
The deal is subject to regulatory nod and customary closing conditions.
