Sterne Agee completes Anderson & Studwick deal
- December 14, 2011
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.