Steward Partners dives into bank broker business

Steward Partners Global Advisory on Monday morning said it had reached a deal to buy $3.4 billion in assets from a bank, Umpqua Holdings Corp., in the Pacific Northwest, marking the first foray for the fast growing Steward Partners into the bank brokerage business.

Terms of the deal, which is expected to close in the first quarter of next year, were not disclosed.

However, Steward in an announcement said it had reached the agreement with Umpqua Holdings to purchase its wealth management unit, which comes with 23 financial advisers.

Those advisers will join the partnership and become employees, according to the announcement. In its most recent filing with the Securities and Exchange Commission, Steward Partners reported close to $7.4 billion in RIA assets; in its press release, the firm said it had close to $16.4 billion in total client assets.

Founded in 2014 by James Gold, Steward Partners runs its brokerage business through Raymond James Financial Services Inc., the independent broker-dealer under the roof of Raymond James Financial Inc. It has successfully recruited wirehouse reps and advisers as part of its growth strategy.