St Louis, MO-based Stifel Financial is making another acquisition, bolstering its wealth management presence in the Midwest.

Stifel Financial is further bolstering its global wealth management business with the acquisition of City Financial and its City Securities subsidiary for an undisclosed sum.

City Financial is focused primarily on providing wealth management and public finance services across the Midwest. City Securities has 40 private client advisors in eight offices across Indiana, managing around $4 billion in client assets. 

The acquisition follows a number of recent moves by Stifel as it builds out its wealth management business. Of note, in December last year the firm completed its acquisition of the US wealth and investment management arm of Barclays; in 2014, it acquired Legg Mason Investment Counsel & Trust; and in November 2015 it acquired Eaton Partners, the global fund placement and advisory firm.

In a somewhat unexpected turn, however, in June of this year Stifel said it is selling Sterne Agee’s legacy independent brokerage, clearing and RIA businesses – just over a year after buying them – to INTL FCStone, the US-listed global financial services company.

The City Financial deal is expected to finalize in the first quarter of 2017. The firm’s two other subsidiaries, City Securities Insurance and City Real Estate Advisors, are not included in the transaction.

“We have known the management team at City Financial for a long time and have always been impressed with their leading market position in the public finance and wealth management businesses within the state of Indiana,” said Ronald Kruszewski, chairman and chief executive at Stifel.

“We believe the addition of City and its growing and profitable business to the Stifel platform further enhances the company’s growing presence in these two attractive businesses.”