B. Riley Sells Wealth Management Unit to Stifel

B Riley Financial Inc announces its decision to sell a portion of its wealth management business to Stifel Financial Corp for $27 to $35 million in cash. The transaction is set to involve the transition of 40 to 50 advisors and associated customer accounts by early 2025.

B Riley Financial Inc has announced plans to sell a portion of its wealth management business to Stifel Financial Corp. The deal, valued between $27 million and $35 million in cash, marks a strategic move in the company's business portfolio realignment.

According to the company's update, the transaction is expected to see 40 to 50 advisors, along with their customer accounts, transition to Stifel by early 2025. This move aligns with B Riley's broader goals of streamlining operations and focusing on core business areas.

The transaction is projected to close early in the second quarter of 2025, pending all necessary approvals. The collaboration with Stifel is set to enhance the service capabilities and offerings to clients within the wealth management sector.

(With inputs from agencies.)