American financial services firm Stifel Financial has agreed to buy Legg Mason Investment Counsel & Trust (LMIC), the investment advisory unit of Legg Mason.
Financial details of the agreement, which is scheduled to close in the fall, were not disclosed.
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LMIC, which manages over US$9 billion in assets, will be consolidated with Stifel’s Global Wealth Management business following the conclusion of the deal.
Stifel Financial chairman, president and CEO Ron Kruszewski said the investment counsel business was an ideal addition to its existing wealth management platform.
"We think their high touch and personalized approach for each client’s unique financial situation perfectly matches Stifel’s model and culture. We look forward to partnering with the LMIC team," added Kruszewski.
The latest acquisition is in line with Stifel’s purchase streak under which the company entered into an agreement to buy London-based stockbroker and investment bank Oriel Securities in May, after the company struck a deal to acquire public-finance investment bank De La Rosa & Co, reported The Wall Street Journal.
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By GlobalDataLegg Mason president and CEO Joseph Sullivan said, "For Legg Mason, this transaction continues to evolve our investment affiliate lineup toward fewer and larger firms that can be better leveraged through our global distribution platform. Today, Legg Mason has six key affiliates with compelling investment expertise offered to clients around the world in a variety of investment vehicles."
