March 13, 2015 5:34 p.m. ET
Broker-dealer CRT Capital Group LLC has agreed to buy Sterne Agee Group Inc.’s Institutional Equities business.
Last month, financial services company Stifel Financial Corp. said it would buy century-old brokerage firm Sterne Agee for about $150 million, extending an acquisition spree. The companies said at the time that they were committed to operating Sterne Agee’s institutional equity and investment banking business on a stand-alone, independent basis, and had been approached by a number of “suitable” partners.
On Friday, the companies said it was important to “preserve Sterne Agee’s Equities Business as an intact group,” and they “are very pleased that we have accomplished this goal of keeping approximately 170 professionals together.”
Terms of the sale to CRT weren’t disclosed. CRT said the transaction will include Sterne Agee’s Equity Sales, Trading and Research Distribution platform, which has relationships with more than 1,000 institutions.
William Jump, Director of Equity Sales, Trading and Research for Sterne Agee, will continue with the combined business and join the board of CRT’s parent company CRT Greenwich LLC.
CRT said the acquired business will be complementary with CRT’s “well-established franchise in research, equities, credit and investment banking.”
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