Stifel Financial agreed to buy the fixed-income brokerage Vining Sparks and its affiliates, adding about $150 billion in annual trading volume and further bulking up its banking-advisory capabilities.
Vining Sparks, based in Memphis, Tennessee, has roughly 275 employees in 13 offices across the country, according to a Stifel
“It’s a cultural fit, and it’s a strong fit with our business,” Stifel Chief Executive Ronald Kruszewski said in a phone interview. “It makes us a preeminent depository investment bank, and that’s what’s exciting about it.”
Kruszewski said Stifel subsidiary KBW has advised on almost two-thirds of U.S. bank deals announced since the start of the pandemic, and Vining Sparks complements that business well.
Since acquiring KBW in 2012, Stifel has inked deals for a number of other firms, including the technology-focused mergers-and-acquisitions firm Mooreland Partners and the investment bank George K. Baum & Co.
The Vining Sparks transaction comes amid a wave of tie-ups in the finance sector, especially among regional banks. Citizens Financial Group earlier this month agreed to buy the investment bank JMP Group for $149 million.
