Stifel Financial Corp. has agreed to sell its wholly owned asset management subsidiary, Ziegler Capital Management LLC, to Boston-based private equity firm 1251 Capital Group Inc.

Financial terms of the transaction were not disclosed.

Ziegler Capital Management generates about $29 million in annual revenue and has total adjusted AUM of $10.5 billion, according to a company news release. The figures exclude certain AUM related to Stifel's private client wealth management business not included in the transaction.

The deal is expected to be completed in the first quarter of 2020.