Regions Central Virginia

Sterne Agee completes Anderson & Studwick deal

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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.

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