1919 Investment Counsel, a subsidiary of Stifel Financial Corp., has acquired San Francisco-based independent registered investment adviser Rand & Associates, which manages approximately $1.3 billion in client assets.
"The Rand acquisition gives 1919 a long-sought physical presence on the West Coast where we already serve many clients," Harry O'Mealia, president and chief executive officer of 1919 Investment Counsel, said in a statement.
Together, Maryland-based 1919 and Rand have more than $12 billion in assets under management.
1919 has a team of 20 portfolio managers managing more than $11 billion in client assets, while Rand has a team of 11 professionals who manage $1.3 billion in assets for more than 400 clients.
The terms of the transaction were not disclosed.