Last updated: 16:27 / Friday, 6 June 2014
Advisory and Trust Services

Stifel Agrees to Acquire Legg Mason Investment Counsel

Stifel Agrees to Acquire Legg Mason Investment Counsel
  • Legg Mason IC manages over $9 billion in assets
  • LMIC will be part of Stifel’s Global Wealth Management segment
  • The transaction is targeted to close in the fall of 2014, subject to customary regulatory approvals

Stifel Financial Corp. announced last week a definitive agreement to acquire Legg Mason Investment Counsel & Trust Co., N.A. from Legg Mason, Inc. LMIC provides customized investment advisory and trust services, on a discretionary basis, to individuals, families, and institutions throughout the U.S. The Company’s portfolio managers manage over $9 billion in assets. LMIC will be part of Stifel’s Global Wealth Management segment.

“We are very pleased to welcome the experienced team of professionals from LMIC,” said Ron Kruszewski, Chairman, President, and CEO of Stifel Financial Corp. “The investment counsel business is a perfect addition to our existing wealth management platform. We think their high touch and personalized approach for each client’s unique financial situation perfectly matches Stifel’s model and culture. We look forward to partnering with the LMIC team.”

Harry O’Mealia, President and CEO of LMIC, stated, “Caring passionately for our clients and providing them outstanding service are the guiding principles of our organization. We are excited to partner with Stifel, which shares this vision, and believe our clients will be well served through the combination. My partners and I look forward to joining the team.”

Joseph A. Sullivan, President and CEO of Legg Mason, said, “We are very pleased that the LMIC team has found an ideal partner in Stifel’s wealth management platform to serve their clients. For Legg Mason, this transaction continues to evolve our investment affiliate lineup toward fewer and larger firms that can be better leveraged through our global distribution platform. Today, Legg Mason has six key affiliates with compelling investment expertise offered to clients around the world in a variety of investment vehicles.”

The Board of Directors of Stifel has approved the acquisition, the terms of which are undisclosed. The transaction is targeted to close in the fall of 2014, subject to customary regulatory approvals.

For your information...

Stifel Financial Corp. 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’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc. and through Stifel Nicolaus Europe Limited and Keefe, Bruyette & Woods Limited in the United Kingdom 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.

Legg Mason Investment Counsel is comprised of a registered investment adviser (Legg Mason Investment Counsel, LLC) and a trust company with national trust powers (Legg Mason Investment Counsel & Trust Co., N.A.). Its focus is to provide counsel that helps families, individuals, and institutions achieve their financial goals. Offices are located in Baltimore, Cincinnati, New York, and Philadelphia.