The British bank said it intended that clients of Barclays’ Wealth & Investment Management unit, which is largely made up of the former brokerage arm of Lehman Brothers, will become clients of Stifel when the transaction is completed, due by mid-November.
“We are pleased to have been able to find in Stifel a buyer that is committed to helping the franchise to grow over the long term, and providing for our clients an expanded range of products and services,” said Akshaya Bhargava, Barclays’ chief executive of Global Wealth and Investment Management.
“Barclays remains committed to its international Wealth and Investment Management business, which is a successful and growing part of the Barclays Group, and to its other businesses in the US,” Bhargava said.
Barclays said the sale was expected to have a minimal impact on its reported financials, and added that as part of the deal, Stifel will become the private wealth distribution partner for certain of Barclays’ equities and credit new issue securities in the US.
“We are pleased to have been able to find in Stifel a buyer that is committed to helping the franchise to grow."