ST. LOUIS, MO--(Marketwire - Mar 15, 2013) - Stifel Financial Corp. (
In addition, Stifel will hire the European institutional fixed income sales and trading team from Knight. The combined teams comprise approximately 60 sales and trading professionals in the U.S. and 40 in Europe, covering high-yield and investment-grade corporate bonds, asset-backed and mortgage-backed securities, and emerging markets as well as fixed income research in selected sectors and companies.
"Expanding our fixed income business has been an initiative of ours. We look forward to welcoming this well-regarded, highly complementary team, specializing in institutional fixed income sales and trading, to our full-service platform. We continually evaluate opportunities to drive our growth and expand our product offerings to our clients. This addition is a continuation of that goal," stated Ronald J. Kruszewski, Chairman, President and CEO of Stifel Financial Corp.
"Given the competitive environment and Knight's natural strengths, the management team and the Board decided to refocus our attention and resources," said Tom Joyce, Chairman and Chief Executive Officer of Knight Capital Group. "We're pleased to have found a partner in Stifel with an expanding platform in fixed income."
The acquisition of Knight's U.S. business, as well as the hiring of the European team is expected to be completed in the second quarter of 2013.
Bryan Cave LLP is providing legal advice to Stifel. Bank of America Merrill Lynch is serving as the financial advisor, and Wachtell, Lipton, Rosen & Katz is providing legal advice to Knight.
Stifel Company Information
Stifel Financial Corp. (
Knight Capital Group (
Cautionary Note Regarding Forward-Looking Statements
The information contained in this press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Material factors and assumptions could cause actual results to differ materially from current expectations. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. The Company disclaims any intent or obligation to update these forward-looking statements.