Stifel Financial has reportedly commenced discussions to acquire Alabama-based brokerage Sterne Agee Group.
The deal, expected to be announced within days, will entitle St. Louis-based Stifel to take over Sterne Agee that ousting and suing its longtime CEO last year, reported Bloomberg.
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The acquisition will stimulate Stifel’s expansion strategy, which picked up a bond-trading business in 2013 from Knight Capital Group and bought KBW for $575m in 2012, to take advantage of the changing landscape of credit trading.
According to Stifel CEO Ron Kruszewski, turmoil at companies and across the market creates opportunities for acquisitions.
Kruszewski said: "We go in and provide stability, provide operational stability and a good culture. We stabilize situations."
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