Stifel to Acquire Oriel Securities
Oriel will be integrated into Stifel, creating a firm that operates across equity and debt sales and trading, and investment banking. The addition of equity sales and trading complements the fixed-income sales and trading operation that Stifel acquired from Knight Capital, now KCG, last year. Simon Bragg, Oriel's founder and CEO, will become the chairman and CEO of Stifel's European operations.
"Stifel is the perfect partner for Oriel," says Bragg. "Its scale and expertise will enable our firm to expand the breadth of our services to clients and will give our clients access to the US market. We are excited about the opportunities being part of Stifel will bring."
The deal is subject to regulatory approval from the UK Financial Conduct Authority, and financial terms were not disclosed. The deal is expected to close in the third quarter of 2014.
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