Barclays is to sell its Wealth & Investment Management franchise in the Americas to Stifel Financial Corp. (NYSE: SF). The transaction is targeted to close in mid-November, subject to regulatory approvals and customary conditions.
It is intended that clients of Barclays' Wealth & Investment Management, Americas, franchise will become clients of Stifel upon close of the transaction. The acquisition includes Barclays Wealth Trustees (US) NA and all associated accounts. Barclays remains committed to providing our clients with the full level of service until the transfer occurs.
With a long history of servicing clients in the investment sector, and an existing sizeable Global Wealth Management franchise, Stifel will be able to offer a broader product range. In addition, Stifel will also be the private wealth distribution partner for certain of Barclays' equities and credit new issue securities in the US.
Barclays' Chief Executive of Global Wealth and Investment Management, Akshaya Bhargava, says: "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 services.
"Barclays remains committed to its international Wealth and Investment Management business, which is a successful and growing part of the Barclays Group, and to its other businesses in the US."
Terms of the sale have not been disclosed. The sale is expected to have a minimal impact on reported financials.