B. Riley to sell portion of Wealth Management business to Stifel for $27M-$35M

B. Riley Financial (RILY) announced that it has signed a definitive agreement to sell a portion of its traditional Wealth Management business to Stifel Financia (SF)or estimated net consideration of $27M-$35M in cash. The transaction does not include B. Riley’s approximately 190 independent advisors and 90 tax professionals. Subject to the terms of the agreement, the final consideration will be based on the number of advisors that join Stifel at closing. An expected 40 to 50 advisors, along with the associated customer accounts, will transition to Stifel in early 2025. The accounts represent total assets under management of approximately $3.5B-$4.5B as of September 30th. The transaction has been approved by the Board of Directors of the company and is subject to the receipt of required regulatory approvals and other customary closing conditions. It is expected to close early in the second quarter of 2025.