B. Riley Signs Definitive Deal To Sell Portion Of Its Traditional (W-2) Wealth Management Business To Stifel Financial For Estimated Net Consideration Of $27M To $35M In Cash
Portfolio Pulse from Benzinga Newsdesk
B. Riley has signed a definitive agreement to sell a portion of its traditional wealth management business to Stifel Financial for an estimated $27M to $35M in cash. The deal involves transitioning 40 to 50 advisors and customer accounts with AUM of $3.5B to $4.5B to Stifel by early 2025.

November 01, 2024 | 11:05 am
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POSITIVE IMPACT
B. Riley is selling part of its wealth management business to Stifel, which could streamline its operations and provide a cash influx of $27M to $35M.
The sale of a portion of its wealth management business will provide B. Riley with a significant cash influx, potentially improving its financial position. The transaction could also streamline its operations by focusing on its remaining independent advisors and tax professionals.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Stifel Financial is acquiring a portion of B. Riley's wealth management business, including 40-50 advisors and $3.5B-$4.5B in AUM, which could enhance its market position.
The acquisition of a portion of B. Riley's wealth management business will expand Stifel's advisor base and assets under management, potentially enhancing its market position and growth prospects.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80