Stifel taps Launny Steffens for new vice chairman role

Stifel is looking to further expand its wealth management, asset management, and investment banking operations as it welcomes an industry icon to a new leadership role. 

The firm announced Wednesday that it has appointed Launny Steffens, a longtime industry executive and former architect of Merrill Lynch’s retail business, as vice chairman of asset management.

As part of the move, Stifel is also bringing in more than $1 billion in assets under management from Spring Mountain Capital, a private investment management firm Steffens co-founded.

Steffens, who spent 38 years at Merrill Lynch, held senior leadership roles including president of consumer markets, vice chairman, and chairman of the US private client group. During his tenure, Merrill’s private client business saw assets under management surge from $200 billion in 1985 to approximately $1.6 trillion by 2000.

After leaving Merrill, Steffens co-founded Spring Mountain Capital with former McKinsey executive Greg Ho. As part of the transition, key investment professionals from Spring Mountain will join Stifel and continue to manage the acquired assets.

The deal is expected to close later this year, pending customary conditions  .

Beyond his work at Merrill and Spring Mountain, Steffens serves on the board of AtlasXomics and was previously chairman of the Securities Industry Association, now known as SIFMA. In August last year, he joined the executive advisory council at AlphaTrAI along with Catherine Saunders and Larry Anders.

Steffens has also been recognized for his philanthropic work, including receiving the Billie Jean King Contribution Award from the Women’s Sports Foundation.

In a statement, Stifel chairman and CEO Ronald Kruszewski said Steffens’ “experience, insight, and unmatched relationship network make him an exceptional addition to our firm.” Kruszewski added that he is confident Steffens will “help us accelerate our momentum across several strategic areas” .

Steffens said he has watched Stifel “evolve into one of the most respected firms on Wall Street,” and that its culture “reminds me of an earlier era in our business, when firms were more entrepreneurial, client-focused, and advisors truly owned their book of business."

Stifel has been actively growing its advisor network in recent years; most recently, it reported the second quarter as its strongest three-month period of recruiting, including an April move that saw three dozen advisors transition over from B. Riley's W-2 channel. The firm’s total client assets reached $510 billion in January, a 14% increase year over year, and fee-based assets grew 18% to $197 billion.

Stifel has also been recognized for advisor satisfaction, consistently ranking first among employee advisors in the JD Power US Financial Advisor Satisfaction Study.

The company’s asset management business, which includes several independent affiliates, manages strategies across equity, fixed income, and alternatives. Stifel’s investment banking division, staffed by more than 600 professionals, has continued to execute deals across sectors even as market volatility has affected activity levels.