Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,424.85 162.29 1.00%
S&P 500 1,862.31 19.33 1.05%
NASDAQ 4,086.22 52.06 1.29%
Ticker Volume Price Price Delta
STOXX 50 3,124.35 -14.91 -0.47%
FTSE 100 6,575.24 -8.93 -0.14%
DAX 9,297.85 -19.97 -0.21%
Ticker Volume Price Price Delta
NIKKEI 14,417.53 -0.15 -0.00%
TOPIX 1,166.59 0.04 0.00%
HANG SENG 22,760.24 64.23 0.28%

Stifel Adds Institutional Fixed Income Brokerage Business From Knight


PR Newswire/Les Echos/

Stifel Adds Institutional Fixed Income Brokerage Business From Knight

ST. LOUIS, March 15, 2013 -- Stifel Financial Corp. (NYSE: SF) today announced it will acquire the U.S. institutional fixed income sales and trading business from Knight Capital Group, Inc. (NYSE: KCG). Terms of the transaction were not disclosed.

In addition, Stifel will hire the European institutional fixed income sales and trading team from Knight. The combined teams comprise approximately 60 sales and trading professionals in the U.S. and 40 in Europe, covering high-yield and investment-grade corporate bonds, asset-backed and mortgage-backed securities, and emerging markets as well as research in select sectors and names.

"Expanding our fixed income business has been an initiative of ours. We look forward to welcoming this well-regarded, highly complementary team, specializing in institutional fixed income sales and trading, to our full-service platform. We continually evaluate opportunities to drive our growth and expand our product offerings to our clients. This addition is a continuation of that goal," stated Ronald J. Kruszewski, Chairman, President and CEO of Stifel Financial Corp.

"Given the competitive environment and Knight's natural strengths, the management team and Board decided to refocus our attention and resources," said Tom Joyce, Chairman and Chief Executive Officer of Knight Capital Group. "We're pleased to have found a partner in Stifel with an expanding platform in fixed income."

The acquisition of Knight's U.S. business, as well as the hiring of the European team, is expected to be completed in the second quarter of 2013.

Bryan Cave LLP is providing legal advice to Stifel. Bank of America Merrill Lynch is serving as the financial advisor, and Wachtell, Lipton, Rosen & Katz is providing legal advice to Knight.

Stifel Company Information Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel clients are served through Stifel, Nicolaus & Company, Incorporated in the U.S., through Stifel Nicolaus Canada Inc. in Canada, through Stifel Nicolaus Europe Limited in the United Kingdom and Europe, and through Keefe, Bruyette & Woods, Inc. in the U.S. and Europe. The Company's broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank & Trust offers a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. offers trust and related services. To learn more about Stifel, please visit the Company's web site at www.stifel.com.

About Knight Knight Capital Group (NYSE: KCG) is a global financial services firm that provides access to capital markets across multiple asset classes to a broad network of clients, including broker-dealers, institutions, and corporations. Knight is headquartered in Jersey City, New Jersey, with a global presence across the Americas, Europe, and the Asia Pacific regions. For further information about Knight, please visit www.knight.com.

Cautionary Note Regarding Forward-Looking Statements The information contained in this press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Material factors and assumptions could cause actual results to differ materially from current expectations. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. The Company disclaims any intent or obligation to update these forward-looking statements.

SOURCE Knight Capital Group, Inc.

CONTACT: Stifel Investor Relations, Sarah Anderson, +1-415-364-2500, investorrelations@stifel.com; or Knight Investor Relations, Jonathan Mairs, +1-201-356-1529, jmairs@knight.com

The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.

-0- Mar/15/2013 12:55 GMT

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement