Stifel Financial Corp. agreed to acquire certain assets of Kansas City, Mo.-based George K. Baum & Co.
The transaction does not include George K. Baum Capital Advisors Inc. or Baum Capital Partners, and these businesses will not be impacted by the deal.
The acquisition further strengthens Stifel's ability to provide services to municipal issuer clients and nonprofit borrowers, Stifel Chairman and CEO Ronald Kruszewski said in a statement.
Terms of the deal were not disclosed, and the deal is expected to close in the fourth quarter.
Keefe Bruyette & Woods acted as financial adviser to Stifel in the transaction.