The Daily Brief
Stifel CEO Ron Kruszewski
<p><span style="font-size: 12.8px; line-height: 20px;">Stifel</span><span style="font-size: 12.8px; line-height: 20px;"> CEO</span><span style="font-size: 12.8px; line-height: 20px;"> Ron </span>Kruszewski</p>

Stifel Unit Acquires $1.3 Billion RIA on the West Coast

The acquisition is part of Stifel’s effort to grow its asset and wealth management business.

1919 Investment Counsel, a registered investment advisory acquired by Stifel Financial Corp. in 2014, has purchased Rand & Associates, creating a firm with more than $12 billion in assets under management. The acquisition is part of Stifel’s effort to grow its asset and wealth management business, Stifel Chairman and CEO Ronald Kruszewski said in a statement.

“Our strategy of focusing on attracting high-quality organizations and people has been essential in the growth of our asset management business, which collectively now has more than $30 billion under management,” he said.

San Francisco-based Rand has about $1.3 billion in client assets, with a focus on creating equity and fixed income portfolios, as well as estate planning, financial decision analysis and charitable giving programs.

The Rand acquisition expands its RIA West Coast footprint, said Harry O’Mealia, president and CEO of 1919 Investment Counsel, in a statement. The firm had clients in the area, but not a physical presence.  

Prior to its acquisition by Stifel, 1919 Investment Counsel was the old Legg Mason Investment Counsel & Trust Company.

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