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Stifel buying Ziegler's wealth management business

Stifel buying Ziegler's wealth management business

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Updated at 3:15 p.m.

Stifel Financial Corp., the St. Louis-based financial services giant, is making another acquisition, this time buying the long-established wealth management business of B.C. Ziegler & Co.

Ziegler Wealth Management, founded in 1902 and based in Chicago, has 57 private client advisers in 12 branches across five states that manage approximately $4.8 billion in client assets.

Terms of the transaction, expected to close in the first quarter of 2018, were not disclosed.

Ziegler CEO Tom Paprocki said the sale of the wealth management division allows Ziegler to tighten its focus on institutional offerings — including investment banking, capital markets and fund management —  for clients in health care, senior living and education.

"These are capabilities upon which we were founded, and for which today we are nationally recognized,” Paprocki said.

Stifel Chairman and CEO Ronald Kruszewski called the deal “another step” in the company's growth strategy.

“We have worked with the management team at Ziegler in the past and we are excited to add not only a growing and profitable business to our platform but one whose culture of integrity and putting the client first is very similar to our own,” he said.

Stifel has made multiple acquisitions in recent years. In January, the firm closed its acquisition of City Financial Corp. and its Indianapolis-based subsidiary, City Securities Corp., an investment bank with 40 financial advisers and eight offices managing $4 billion in client assets. In January 2016, Stifel acquired Eaton Partners, a global fund placement and advisory firm with 60 employees and six offices.

Stifel shares closed Monday at $51.72, down 27 cents.

After markets closed, Stifel reported third-quarter profit of $64.2 million, or 79 cents a share, up from $16.3 million, or 21 cents a share, in the year-earlier period. Net revenue rose 12.3 percent to $721.2 million.

Lisa Brown • 314-340-8127

@lisabrownstl on Twitter

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