INTL FCStone Completes Substantial Part of Sterne Agee LLC Acquisition

New York-headquartered financial services provider INTL FCStone Inc (NASDAQ:INTL) today announced that it has completed its acquisition of Sterne Agee LLC from Stifel Financial Corp.

The closing occurred on July 1st, 2016, and included the correspondent securities Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term business and independent wealth management business of Sterne Agee LLC under three broker-dealer (BD) entities, with the remaining two Registered Investment Advisors (RIA) expected to close by the end of Q3, already underway.

The deal is expected to bring in 50 clearing relationships, over 100,000 customers, and $11 billion in assets, helping INTL FCStone expand its product scope and services across nearly all asset classes and related verticals within its clearing businesses. INTL FCStone's market cap remains over $510 million, based on its prevailing stock price and outstanding shares.

RIAs to be finalized in Q3

Meanwhile, the closing of the two RIAs is expected to be completed during this quarter after a customary notice period, according to an official statement.

Finance Magnates wrote about the acquisition of Sterne Agee LLC from Stifel Financial Corp when the transaction was first announced at the beginning of last week, just days after INTL FCStone had reportedly temporarily raised certain margin requirements ahead of the Brexit vote for some of its products.

Shares of INTL traded around $26.89 around the time of publication today and are trending back towards a multi-month resistance level near $28.50, with the 52-week high just under $37.00 per share. This follows after the firm's stock price recovered from a Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term-related global sell-off on June 24th that had brought shares of INTL to reach near $25.00, closing to its 52-week low near $24.00.