Birmingham, Ala.-based Sterne Agee Group Inc. has completed its acquisition of Anderson & Strudwick Inc., a Richmond brokerage firm.
This acquisition expands Sterne Agee’s wealth management business in the eastern and mid-Atlantic regions, as well as in Knoxville, Tenn., by adding seven private client group offices that include about 50 financial advisers.
The terms of the Anderson & Studwick deal were not announced.
Damon Joyner, the former president and CEO at Anderson & Strudwick, is now senior managing director with Sterne Agee.
When the deal was announced in October, The Birmingham News reported that Sterne Agee has annual revenues of about $350 million, making it one of the largest brokerages not based on Wall Street. The company had bought or offered to buy four other companies in recent years.
Anderson & Strudwick, founded in 1948, had 18 offices before the acquisition.
Founded in 1901, Sterne Agee has nearly 1,200 employees in 50 offices in 22 states.
There are no comments for this entry