Stifel subsidiary acquires $1.3 billion San Francisco-based RIA

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. (More: Focus Financial acquires TAMP for $235 million)