Report: Stifel Looks to Buy B. Riley Wealth Unit for $100M

Stifel Financial is said to be in talks to buy Los Angeles-based B. Riley’s wealth management unit of 400 independent and employee advisors for over $100M, an anonymous source familiar with the matter disclosed to Reuters, which first reported the news on September 21.

Talks between the two come after B. Riley suffered a second-quarter loss in the face of SEC scrutiny over the investment bank’s management-led buyout last year of Franchise Group. According to the Reuter’s source, neither party has committed to the deal, which could be subject to change if another interested buyer steps in.

Per Dakota data, Stifel Financial has approximately 2,400 advisors catering to high-net-worth individuals and families, and manages $467B in assets. B. Riley Wealth Management oversees approximately $26B in assets.

Source: https://www.reuters.com/markets/deals/stifel-financial-talks-buy-b-rileys-wealth-management-unit-source-says-2024-09-20/

For more public pension insights and a comprehensive library of public plan minutes, book a demo of Dakota Marketplace!