Brokerage and investment firm Stifel Financial Corp. is acquiring some assets from investment banking firm George K. Baum & Company.
The transaction, which is expected to close in the fourth quarter of 2019, will bring George K. Baum & Company’s municipal securities business to St. Louis-based Stifel.
George K. Baum & Company is based in Kansas City. Since 2000, the company has provided financial advisory services or underwriting to municipal bond issues totaling more than $320 billion.
“We are very excited about the opportunities for both GKB’s talents and clients by joining Stifel’s platform,” said Jonathan E. Baum, president & CEO of George K. Baum & Company, in a press release.
The transaction does not affect George K. Baum Capital Advisors or Baum Capital Partners.
Terms of the deal were not disclosed.
In June, Stifel agreed to buy GMP Capital Inc.’s advisory and trading business for about $52 million, and in March a Stifel subsidiary acquired the assets of Town and Country-based asset manager Piermont Capital Management.
Stifel’s CEO is among the highest paid in the area