By Colin Kellaher
Stifel Financial Corp. on Wednesday said it agreed to buy institutional fixed-income broker-dealer Vining Sparks for an undisclosed amount.
Stifel said Vining Sparks, based in Memphis, Tenn., has averaged $150 billion in annual trading volume and generated average annual revenue of nearly $150 million since 2008.
Vining Sparks, with roughly 275 employees in 13 offices, provides services to more than 4,000 institutional clients in all 50 states, Stifel said, adding that it expects to complete the acquisition by the end of the year.
Stifel, a St. Louis financial-services holding company, said Mark Medford, chief executive of Vining Sparks, will join as vice chairman.
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