Stifel Financial Corp. on Tuesday announced its wholly-owned subsidiary and registered investment advisor, 1919 Investment Counsel LLC, purchased Rand & Associates for an undisclosed amount.
The deal between the two independent RIA firms creates an enterprise with more than $12 billion in assets under management.
Based in San Francisco, Rand manages more than $1.3 billion in assets for more than 400 clients. Perhaps more important, it provides 1919 with a long-sought physical presence on the West Coast where it already serves many clients, said Harry O'Mealia, president and CEO of 1919 Investment Counsel, in a press statement.
For its part, 1919 has existing offices in five states east of the Mississippi River and has more than $11 billion in client assets under management and 20 portfolio managers. It is one of several wholly owned subsidiaries of Stifel Financial, a St. Louis-based financial services holding company with banking, securities and financial services businesses.