Finance
B. Riley Sells Part of Wealth Unit to Stifel Amid Broker Exits
- Deal includes assets under management of up to $4.5 billion
- Bryant Riley cites competitors pouncing on this year’s ‘noise’
The B. Riley Financial Inc. logo on a laptop.
Photographer: Tiffany Hagler-Geard/BloombergThis article is for subscribers only.
B. Riley Financial Inc. agreed to sell a portion of its wealth-management business to Stifel Financial Corp. for as much as $35 million, the latest in a series of asset deals aimed at stabilizing the money-losing investment firm.
The accord covers 40 to 50 advisers managing about $3.5 billion to $4.5 billion as of Sept. 30, Los Angeles-based B. Riley said in a statement Friday. The company counted about 400 registered financial advisers as of last December, with assets under management of about $25 billion.