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Stifel Financial Corporation
Legg Mason to sell investment advisory unit to Stifel Financial
Legg Mason to sell investment advisory unit to Stifel Financial

Stifel Financial Corp said it would buy asset manager Legg Mason Inc's investment advisory unit to expand its wealth management business. Legg Mason Investment Counsel & Trust Co will become part of Stifel's global wealth management business after the deal, terms of which were not disclosed. Legg Mason's chief executive Joseph Sullivan, who was put at the helm in February last year, has been trying to reverse a long record of net quarterly withdrawals by customers tied to past performance problems. Under Sullivan, the Baltimore asset manager has sold smaller businesses and pushed for new products in the past year. It shed its international equities investment unit in...

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