On November 1, 2024, B. Riley Financial, Inc. announced its agreement to sell a portion of its traditional Wealth Management business to Stifel Financial Corp.
B. Riley Financial, Inc. (“B. Riley”) announced, on November 1, 2024, its agreement to sell a portion of its traditional Wealth Management business to Stifel Financial Corp. (“Stifel”) for an estimated net consideration of $27 million to $35 million. Under the terms of the transaction, the final consideration will be based on the number of advisors that join Stifel at closing, which is expected to be 40 to 50 advisors. The transaction is subject to the receipt of required regulatory approvals along with other customary closing conditions and expected to close early in the second quarter of 2025. Further terms of the deal were not disclosed.
Stifel (NYSE: SF), based in St. Louis, is a diversified global wealth management and investment banking company providing banking, securities, and financial services. As of October 2024, Stifel’s had over $493 billion in client assets.
B. Riley (NASDAQ: RILY), based in Los Angeles, is a diversified financial services company that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. As of September 2024, B. Riley had approximately $7.65 billion in assets under management. As of September 2024, the Wealth Management accounts that will transition to Stifel have approximately $3.5 billion to $4.5 billion in assts under management.
To read the press release: please click here.