Stifel Financial Corp. announced that it has entered into a definitive purchase agreement to acquire Barclays’ Wealth and Investment Management, Americas franchise in the U.S. (“Barclays Wealth Americas”).

As of May 31, 2015, Barclays had approximately 180 financial advisors in the U.S. managing approximately $56 billion in total client assets. In addition, Barclays’ business had on balance sheet assets of approximately $1.4 billion and client loans of approximately $1.5 billion held through Barclays’ clearing firm. Barclays’ advisory business is concentrated in New York and 11 other major metropolitan cities in the U.S.

As part of this agreement, Stifel will be the U.S. private wealth distribution partner for certain of Barclays’ equities and credit new issue securities in the U.S.

“We are excited about today’s announcement and our continued growth in our Global Wealth Management business. Barclays’ Wealth franchise in the U.S. is a high-touch, high-service business for sophisticated clients. Combining the depth of Barclays’ franchise and breadth of Stifel’s product offerings, coupled with an entrepreneurial and client-focused culture, will create the premier wealth management platform in the industry today. Importantly, we know that you do not acquire people, but we are excited about partnering with the professionals at Barclays,” said Ronald J. Kruszewski, Chairman and CEO of Stifel.

The transaction is expected to close in mid-November of 2015, subject to regulatory approvals and customary conditions. Stifel’s lead financial advisor was Keefe, Bruyette & Woods, Inc., a Stifel company, and Stifel was represented by Bryan Cave LLP.

Stifel based in St. Louis, MO has branches in Atlanta, Augusta, Columbus, Gainesville, LaGrange, Macon, Savannah, Valdosta and Warner Robins.