The plans for the acquisition were announced in June this year.
With around 180 financial advisers, Barclays Wealth Americas had around $56bn in total client assets as of 31 May this year.
It also had $1.4bn on balance sheet and client loans of close to $1.5bn held through Barclays’ clearing firm.
Barclays’ advisory business is concentrated in New York and 11 other major metropolitan cities in the US.
Stifel chairman and CEO Ronald J. Kruszewski said: "Through the combination of the depth of Barclays’ franchise and the breadth of Stifel’s product offerings, we are creating a premier wealth management platform.
"We’ve already initiated, and are committed to making, significant investments in our platform with the goal of providing our clients with a superior set of products and services."
Stifel also invested in infrastructure in a bid to expand its ultra-high net worth capabilities. This will support the combined platform in key areas, including product support, manager research and selection, portfolio construction, custom credit, and additional technology resources.
Under the agreed terms, Stifel will now act as the US private wealth distribution channel for certain of Barclays’ equities and credit new issue securities.
Stifel has recently agreed to acquire global fund placement and advisory firm Eaton Partners for an undisclosed amount.
Based in Missouri, the US, Stifel Financial conducts banking, securities, and financial services business through several wholly owned subsidiaries.
Stifel’s broker-dealer clients are served in the US through Stifel, Nicolaus & Company; Keefe
Bruyette & Woods; Miller Buckfire & Co and Century Securities Associates and in the UK and Europe through Stifel Nicolaus Europe.
Image: Stifel global headquarters in St. Louis, Missouri. Photo: courtesy of Whartonmba / Wikipedia.
