LONDON (Alliance News) - Barclays PLC Monday said it has agreed to sell its Americas wealth and investment management business to Missouri-based Stifel Financial Corp for an undisclosed amount.
Barclays said it expects the sale to have a " minimal impact" on reported financials.
The British bank said that Stifel will be its private wealth distribution partner for some of its equities and credit new issue securities in the US.
Akshaya Bhargava, Barclays' global wealth and investment management chief executive, said the company is committed to its international wealth and investment management business, as well as its other businesses in the US.
"The sale of our Wealth & Investment Management, Americas, franchise to Stifel represents a good outcome for Barclays and for our clients. We are pleased to have been able to find in Stifel a buyer that is committed to helping the franchise to grow over the long term, and providing for our clients an expanded range of products and service," Bhargava said.
According to Stifel, Barclays had about 180 financial advisors in the US at the end of May, responsible for managing about USD56 billion in client assets. The Barclays business being acquired had assets of about USD1.4 billion and client loans of about USD1.5 billion, held through Barclays' clearing firm.
"Combining the depth of Barclays? franchise and breadth of Stifel?s product offerings, coupled with an entrepreneurial and client-focused culture, will create the premier wealth management platform in the industry today. Importantly, we know that you do not acquire people, but we are excited about partnering with the professionals at Barclays," Ronald Kruszewski, Stifel's chairman and chief executive, said in a statement.
The deal is expected to close in mid-November.
Barclays shares were down 0.7% at 263.60 pence on Monday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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