UBS to Sell Small Branches?

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Mar 22, 2009 12:53 pm
cppr33:

Anyone know about the Stifel platform for institutions?




More info....what do you mean?

Mar 22, 2009 12:57 pm

I am sure they an open platform for managed money which can be used to serve foundations, colleges, etc with an endowment.


I am curious as to their 401k capabilities. I have been prospecting former clients of mine from my past career for their 401k and I have just taken broker of record with a change over to a different provider either coming 7/1/09 or 1/1/2010 depending on the client.
Mar 22, 2009 1:08 pm
cppr33:

I am sure they an open platform for managed money which can be used to serve foundations, colleges, etc with an endowment.

I am curious as to their 401k capabilities. I have been prospecting former clients of mine from my past career for their 401k and I have just taken broker of record with a change over to a different provider either coming 7/1/09 or 1/1/2010 depending on the client.



Oh I gotcha, yes you can do all of that here, open platform no proprietary products

Mar 22, 2009 3:47 pm

Nest or others - Anything else you can tell me about Stifel?

 
I would like to be ready for the questions once something is announced.
Mar 22, 2009 4:06 pm
cppr33:

Nest or others - Anything else you can tell me about Stifel?

 
I would like to be ready for the questions once something is announced.



I have been thee 2 months after a decade at AGE...I love it, hands off, great back office, great research dept, no haircuts, high payouts...no real negatives for me at this point.

Mar 22, 2009 4:52 pm

I'm currently at UBS. My BOM did also leave kind of mysteriously on Thursday after work, and won't be back until Monday.

 
Things that make you go "WTF!?!"
 
I'm actually leaving to go to another B/D in April. If Stifel is the buyer, I may have to stick around.
 
 
Mar 22, 2009 5:14 pm

Our manager did the same thing.  We talked to SF two months ago then they stopped all discussion with UBS people.  What they offered us then was less than 1/2 of what Hilliard offered .  So if SF is the buyer, they sure aren't going to offer us any more than the original offer.  It's our concensus they were good, but growing too fast and trnasition will be a nightmare.  Right or wrong out crew is going to Hilliard.  Anything is better than UBS!

Mar 22, 2009 10:10 pm
cobra:

Our manager did the same thing.  We talked to SF two months ago then they stopped all discussion with UBS people.  What they offered us then was less than 1/2 of what Hilliard offered .  So if SF is the buyer, they sure aren't going to offer us any more than the original offer.  It's our concensus they were good, but growing too fast and trnasition will be a nightmare.  Right or wrong out crew is going to Hilliard.  Anything is better than UBS!

 
Wow, anything is better than UBS?  Come on, now.  You ever worked at Jones?  I mean, really.  What's so bad about UBS?  I've doubled by business since coming to UBS 3 years ago from Jones-- even in the face of this market and the economic debacle.
 
UBS is no where near perfect, trust me, but to say anything is better....how about ML or Wach?  Those folks have it bad right now, not UBS folks.
 
Regardless, good luck with your move.  No matter how much prep you do, it's a royal pain in the arse.  I hope you're able to take all the clients you want.
 
LA
Mar 23, 2009 8:24 am

OK.  It's Monday morning.  If the rumor was true wouldn't we know by now?

Mar 23, 2009 8:33 am

Meeting did not start yet.

 
First break is 1130 Chicago time.
Mar 23, 2009 11:52 am

So those of you who had managers mysteriously vacate, are you 10mm+ revenue offices or are you in lower production offices?

Mar 23, 2009 1:37 pm

Its past 11 30...so whats the news...

Mar 23, 2009 4:19 pm

Guess it is true, wow

 
http://finance.yahoo.com/news/Stifel-Financial-Corp-bw-14719779.html
 
 
Mar 23, 2009 4:51 pm

Welcome guys, glad to have you!!!

Mar 23, 2009 6:21 pm

Anybody know where these UBS branches are at specifically? This is WILD!  Am I nuts or is there a bit of a culture divide between SF and UBS???

Mar 23, 2009 6:21 pm

Well, we have been sold to Stifel Nicholas.  This explains why they stopped talking to us individually 3 months ago.  Back then they offered us a reasonable deal, but now they have us over a barrel and I'm guessing we will get nothing as far a retention deal and like it.  Let's face it, we were the "crumbs" of UBS.  From what I hear all the other regionals have stopped recruiting indefinitely.  I'm sure SF is a good firm and we will learn to like it.  The climate has changed so much in just the last three months.

Mar 23, 2009 6:21 pm

I'm sure it's mostly small suburban branches. Not major markets.

Mar 23, 2009 6:25 pm
burtonfinancial1:

Anybody know where these UBS branches are at specifically? This is WILD!  Am I nuts or is there a bit of a culture divide between SF and UBS???

 
I will bet they are in the midwest - pacific northwest. I bet a lot of them are legacy piper jaffrey branches in smaller markets that didn't really fit the UBS model anyway.  SF has been trying to expand west of the mississippi, this deal makes sense for both firms, and thier brokers. 
Mar 23, 2009 6:30 pm

Rationale...
1) Clean up, sell small underperforming offices
2) SELL the leaner better producing US unit

14% of it was sold to Stifel!

Mar 23, 2009 7:22 pm

http://www2.stifel.com/docs/pdf/pressreleases/2009/UBS_slides.pdf



Slide number 7