Stifel

Office address: 501 N Broadway #8, St. Louis, MO 63102
Website: www.stifel.com
Year established: 1890
Company type: investment banking firm
Employees: 9,000+
Expertise: asset management, financial services, investment banking, investment management, wealth management, capital markets, brokerage services, equity research, fixed income trading, mergers and acquisitions (M&As), private equity, retirement planning, trust services
Parent company: N/A
Key people: Ronald Kruszewski (CEO), James Marischen (CFO), David Sliney (COO), Victor Nesi and James Zemlyak (co-presidents), Mark Fisher (SVP)
Financing status: N/A

Stifel is an investment banking and wealth management firm that provides services to individuals, corporations, and various institutions globally through several subsidiaries. With $468 billion in assets under management as of March 2024, the company operates globally and has over 400 locations across the US. They have over 9,000 professionals, offering services like M&A advisory and capital raising through its subsidiaries, including their principal, Stifel, Nicolaus & Company, Incorporated.

History of Stifel

Stifel was founded in 1890 by Henry Stifel in St. Louis, Missouri, as a small investment banking and brokerage firm. Over time, it earned a reputation for reliable investment advice, successfully navigating challenges like the Great Depression. In the 1980s, the company began acquiring regional firms and reaching locations outside the US, significantly expanding its services and geographic reach.

Stifel Financial Corp. was established as a holding company in 1983, overseeing its key subsidiary, Stifel, Nicolaus & Company. During the 1990s and 2000s, the firm’s growth accelerated through acquisitions like Legg Mason’s capital markets division and UK-based Oriel Securities. Their 2013 acquisition of Keefe, Bruyette & Woods strengthened its financial services standing, and by 2024, the firm achieved a major milestone in client assets.

Products and Services of Stifel

Stifel offers a wide range of financial services tailored to individuals, businesses, and institutions. Below are the key offerings:

• wealth management: personalized financial planning, portfolio management, and retirement strategies for individuals and families
• investment banking: M&A advisory, capital raising, and restructuring solutions for corporate clients
• brokerage services: execution of equity, bond, and mutual fund trades for clients
• asset management: managing investments for institutions and high-net-worth individuals
• fixed income: trading of bonds and other fixed income securities
• equity research: analysis and research services tailored for institutional investors
• institutional sales and trading: sales and trading of equities and fixed income for institutional clients
• trust and estate planning: developing strategies for managing wealth transfers and structuring trusts and estates
• lending solutions: customized lending options, including margin loans and credit solutions

Other offerings include insurance, private client services, retirement plan solutions. Stifel focuses on understanding client goals, striving to be the preferred advisor for clients, and the top choice for advisors and shareholders alike.

Culture at Stifel

Stifel prides itself on an entrepreneurial culture, encouraging staff to use company resources freely to achieve client success. The firm values creativity and innovation, welcoming new ideas to adapt to changing market conditions. The company prioritizes employee well-being by providing a supportive work environment that fosters career growth, along with benefits such as:

• healthcare insurance: medical, dental, vision, and prescription plans, along with flexible spending and health savings accounts
• PTO: paid time off for vacations, personal needs, illness, bereavement, jury duty, and company holidays
• Stifel Total Health Connect: concierge service for medical and benefit-related questions
• 401(k) profit sharing: retirement savings options with pre-tax, after-tax, and Roth contributions, plus annual matching
• family support: assistance with childbirth, adoption, and parental leave
• disability benefits: short-term and long-term disability coverage
• additional perks: tuition and certification assistance, charitable match program, and travel assistance

Stifel’s 2023 Corporate Sustainability Report highlights its long-term commitment to ethical business practices and responsible corporate governance. The firm invests in its people, communities, and environmental sustainability, recognizing these efforts as both beneficial for business and essential for doing what’s right. They commit to doing community investments, employee development, and environmental stewardship, as demonstrated by its key sustainability initiatives and achievements:

• community investment: over $3 billion invested in low- and moderate-income areas
• charitable contributions: more than $9 million in total donations
• leadership engagement: over 800 hours spent in industry leadership roles
• volunteer efforts: over 31,000 associate hours volunteered
• diverse suppliers: $74 million spent with businesses owned by diverse groups
• workforce diversity: 21% increase in female full-time associates over the past two years

The company emphasizes the importance of diversity and inclusion in meeting the needs of the communities it serves. The firm is committed to building an inclusive workplace where associates can thrive, ensuring all team members are valued and treated fairly. Key DEI initiatives include:

• leadership focus: prioritizing diversity and inclusion in leadership roles
• WIN (Women’s Initiative Network): providing mentorship and networking to support women’s career growth
• talent recruitment: attracting diverse candidates from a broad talent pool
• employee development: investing in associate development at every stage of their career

Stifel actively supports community development through its commitment to the Community Reinvestment Act (CRA), providing funding to underserved clients and promoting financial equity. In 2023, the firm underwrote nearly $3 billion in CRA-eligible bonds to aid low- and moderate-income communities. They partner with impact organizations, encourage volunteerism, and boost corporate giving through initiatives like its matching gift program.

About Stifel CEO Ronald J. Kruszewski and Key People

Ronald Kruszewski serves as the organization’s CEO and chair and is also the Securities Industry and Financial Markets Association board’s vice chair. Previously, he chaired the American Securities Association and served on the Federal Reserve Bank of St. Louis' Federal Advisory Council. He has a BA in accounting and finance from Indiana University Bloomington.

The key people at the company are instrumental in driving the firm's strategy and success. These include:

• James Marischen serves as CFO, overseeing financial operations and reporting
• David Sliney is the COO, managing the firm’s day-to-day operations
• Victor Nesi, co-president, leads the Institutional Group and has over two decades of experience in investment banking operations
• James Zemlyak is a co-president, focusing on corporate strategy and business development
• Mark Fisher is SVP, general counsel, and corporate secretary, responsible for legal affairs and corporate governance

The Future at Stifel

Stifel is strengthening its wealth management division by appointing industry veteran Jeff Markham as managing director. Markham has extensive experience in leadership and wealth management, which positions him to drive the growth strategy of Stifel, Nicolaus & Co Inc. This strategic hire reflects the company’s commitment to attracting top talent and enhancing its competitive edge in the wealth management sector.

They recently reported strong Q2 2024 results, surpassing forecasts with $1.2 billion in revenue, driven by growth in asset management and advisory services. The firm continues to develop its advisor base, adding 42 new advisors, including 13 seasoned professionals, showing signs of its well-established operations. Stifel's focus on maintaining a strong balance sheet and diversified revenue streams positions it for continued success.