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State: 17.08.2024 | 11PM
Fri, 01.11.2024       Stifel Financial
US8606301021

Enters into Agreement with Stifel Financial Corp. to Sell a Portion of Wealth Management Business

LOS ANGELES, Nov. 1, 2024 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services company, today announced that it has signed a definitive agreement to sell a portion of its traditional (W-2) Wealth Management business to Stifel Financial Corp. (NYSE: SF) ("Stifel") for estimated net consideration of $27 million to $35 million in cash. The transaction does not include B. Riley's approximately 190 independent advisors and 90 tax professionals. Subject to the terms of the agreement, the final consideration will be based on the number of advisors that join Stifel at closing. An expected 40 to 50 advisors, along with the associated customer accounts, will transition to Stifel in early 2025. The accounts represent total assets under management (AUM) of approximately $3.5 billion to $4.5 billion as of September 30th, 2024.

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