ST. LOUIS (AP) -- Brokerage firm Stifel Financial Corp. said Monday that it completed its acquisition of Knight Capital Group Inc.'s U.S. institutional fixed income sales and trading business.
Financial terms were not disclosed.
St. Louis-based Stifel said Knight's fixed income sales and trading business in the U.S. and Europe complements its current operations and expands its presence in London where it previously did not have fixed income operations.
Meanwhile, the business' U.S. team gives Stifel a stronger domestic platform with additional products and services.
The business' combined teams include about 90 sales and trading professionals in the U.S. and Europe, covering high-yield and investment-grade corporate bonds, asset-backed and mortgage-backed securities, loan trading, along with fixed income research in selected sectors and companies, Stifel said.
Jersey City, N.J.-based Knight Capital is in the process of being acquired by Getco LLC. The two companies originally agreed to combine last year after a software glitch in Knight's trading platform flooded the market with orders, causing dozens of stocks to fluctuate wildly. Hundreds of millions of dollars in losses related to the event nearly sank the company.
In morning trading, Stifel shares rose 71 cents, or 2 percent, to $36.38, while Knight's shares edged down 1 cent to $3.58.
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