Attached files
 Building the Premier Middle-Market Investment Bank
Ronald J. Kruszewski
Chairman of the Board, President, and
CEO
Stifel
Financial Corp.
Presentation to Investors
April 26, 2010
Thomas W. Weisel
Chairman of the Board and CEO
Thomas Weisel
Partners
Exhibit 99.3 |
 1
Forward-Looking Statements
Statements in this presentation that relate to Stifel Financial Corp., as well as Stifel, Nicolaus and
Company, Inc. and its other subsidiaries (collectively, “Stifel” or the
“Company”) and Thomas Weisel Partners Group, Inc. (“Thomas Weisel Partners”) future
plans, objectives, expectations, performance, events and the like may constitute
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Future events, risks and uncertainties, individually
or in the aggregate, could cause our actual results to differ materially from those expressed
or implied in these forward-looking statements. The material factors and assumptions
that could cause actual results to differ materially from current expectations include, without
limitation, the following: (1) the inability to close the merger in a timely manner; (2) the inability
to complete the merger due to the failure to obtain stockholder approval and adoption of the
merger agreement and approval of the merger or the failure to satisfy other conditions to
completion of the merger, including required regulatory and court approvals; (3) the failure of the transaction to
close for any other reason; (4) the possibility that the integration of Thomas Weisel Partners’
business and operations with those of Stifel may be more difficult and/or take longer than
anticipated, may be more costly than anticipated and may have unanticipated adverse results
relating to Thomas Weisel Partners’ or Stifel’s existing businesses; (5) the challenges of integrating
and retaining key employees; (6) the effect of the announcement of the transaction on Stifel’s,
Thomas Weisel Partners’ or the combined company’s respective business relationships,
operating results and business generally; (7) the possibility that the anticipated synergies
and cost savings of the merger will not be realized, or will not be realized within the expected time period;
(8) the possibility that the merger may be more expensive to complete than anticipated, including as a
result of unexpected factors or events; (9) the challenges of maintaining and increasing
revenues on a combined company basis following the close of the merger; (10) diversion of
management’s attention from ongoing business concerns; (11) general competitive, economic, political
and market conditions and fluctuations; (12) actions taken or conditions imposed by the United States
and foreign governments; (13) adverse outcomes of pending or threatened litigation or
government investigations; (14) the impact of competition in the industries and in the specific
markets in which Stifel and Thomas Weisel Partners, respectively, operate; and (15) other factors
that may affect future results of the combined company described in the section entitled “Risk
Factors” in the proxy statement/prospectus to be mailed to Thomas Weisel Partners’
shareholders and in Stifel’s and Thomas Weisel Partners’ respective filings with the
U.S. Securities and Exchange Commission (“SEC”) that are available on the SEC’s web site located at
www.sec.gov, including the sections entitled “Risk Factors” in Stifel’s Form 10-K
for the fiscal year ended December 31, 2009, and “Risk Factors” in Thomas Weisel
Partners’ Form 10-K for the fiscal year ended December 31, 2009. Readers are strongly urged
to read the full cautionary statements contained in those materials. We assume no obligation to
update any forward-looking statements to reflect events that occur or circumstances that
exist after the date on which they were made. |
 2
Additional Information and Where to Find It
In connection with the proposed merger, Stifel will be filing a registration statement on Form S-4
that will include a proxy statement of Thomas Weisel Partners that also constitutes a prospectus
of Stifel and other relevant documents relating to the acquisition of Thomas Weisel Partners
with the Securities and Exchange Commission (the “SEC”). Stifel and Thomas Weisel Partners shareholders
are urged to read the registration statement and any other relevant documents filed with the SEC,
including the proxy statement/prospectus that will be part of the registration statement,
because they will contain important information about Stifel, Thomas Weisel Partners and the
proposed transaction. The final proxy statement/prospectus will be mailed to shareholders of
Thomas Weisel Partners. Investors and security holders will be able to obtain free copies of the
registration statement and proxy statement/prospectus (when available) as well as other filed
documents containing information about Stifel and Thomas Weisel Partners, without charge, at
the SEC’s website (www.sec.gov). Free copies of Stifel’s SEC filings are also available on Stifel’s website
(www.stifel.com), and free copies of Thomas Weisel Partners’ SEC filings are available on Thomas
Weisel Partners’ website (www.tweisel.com). Free copies of Stifel’s filings
also may be obtained by directing a request to Stifel’s Investor Relations by phone to
(314) 342-2000 or in writing to Stifel Financial Corp., Attention: Investor Relations, 501 North
Broadway, St. Louis, Missouri 63102. Free copies of Thomas Weisel Partners’ filings also
may be obtained by directing a request to Thomas Weisel Partners’ Investor Relations by
phone to 415-364-2500, in writing to Thomas Weisel Partners Group, Inc., Attention: Investor Relations, One
Montgomery Street, San Francisco, CA 94104, or by email to
investorrelations@tweisel.com. This communication shall not constitute an offer
to sell or the solicitation of an offer to buy securities, nor shall there be any sale of
securities in any jurisdiction in which such solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such jurisdiction.
Participants in the Solicitation
Stifel, Thomas Weisel Partners and their respective directors and executive officers may be deemed,
under SEC rules, to be participants in the solicitation of proxies from the shareholders of
Thomas Weisel Partners with respect to the proposed transaction. More detailed information
regarding the identity of the potential participants, and their direct or indirect interests, by securities holdings
or otherwise, will be set forth in the registration statement and proxy statement/prospectus and other
materials to be filed with the SEC in connection with the proposed transaction.
Information regarding Stifel’s directors and executive officers is also available in Stifel’s
definitive proxy statement for its 2010 Annual Meeting of Shareholders filed with the SEC on February
26, 2010. Information regarding Thomas Weisel Partners’ directors and executive
officers is also available in Thomas Weisel Partners’ definitive proxy statement for its
2009 Annual Meeting of Shareholders filed with the SEC on April 16, 2009. These documents are
available free of charge at the SEC’s web site at www.sec.gov and from Investor Relations
at Thomas Weisel Partners and Stifel Financial. |
 3
Stifel
and TWP Today
Full-service, publicly traded investment bank (NYSE:SF)
More than 4,600 associates in 294 offices
Investment Banking
159 investment banking professionals
14 industry focused investment banking groups
Specialty groups provide coordinated financial sponsors
coverage and private placement expertise
Extensive advisory and capital raising experience
Stifel-advised M&A transactions continue to win industry
accolades
Research
61 senior research analysts
862 companies under coverage (excluding closed end funds)
Institutional Sales and Trading
159 equity sales & trading professionals
181 fixed income sales & trading professionals
Global Wealth Management
1,900 financial advisors with nearly $100B of AUM
Stifel
Bank & Trust -
$1.1 billion in assets at 12/31/09
Asset Management
Stifel
Capital Advisors, Washington Crossing, Choice
Investment Advisors & Missouri Valley Partners
Global growth-focused investment bank (Nasdaq: TWPG)
Approximately 450 associates in 4 countries and 12 offices
Investment Banking
106 investment banking professionals
Five growth verticals: Tech, Healthcare, Consumer, Mining &
Energy
Market leader in venture-backed IPOs
Book/Lead manage approximately 25% of equity deals
Completed multiple large (>$1B) M&A transactions
Research
32 senior research analysts
479 companies under research coverage (U.S. and Canada)
Institutional Sales and Trading
Powerful distribution in the U.S., CAN and Europe for North
American stocks
88 sales and trading professionals
Wealth Management
Approximately $5.5 billion in assets under advisement
Asset Management
Private equity; Venture; SMID-cap growth AUM totaling $1.6
billion |
 4
Summary of Key Transaction Terms
Stifel
to acquire 100% of TWP’s
common stock in a tax-free exchange
Transaction
Consideration
Fixed exchange ratio of 0.1364 Stifel
shares for each TWPG share
No caps or collars
$7.60 per share based on an SF price of $55.74 (at 4/23/10)
$318 million of aggregate consideration (fully diluted shares includes restricted
stock units, net of taxes)
Management
Thomas Weisel
to join Stifel
as Co-Chairman with Ron Kruszewski
Combined senior leadership of both Stifel
and TWP in the Institutional Group (formerly Capital Markets)
Synergy
Opportunities
Closing
Conditions
Estimated annualized pre-tax cost efficiencies of $62 million, or
approximately 5% of combined 2009 expenses
Minimal client facing changes / Cost savings principally from redundancies
No revenue enhancements assumed
TWP shareholder approval
Regulatory approvals and other customary conditions
Board Seats
Thomas
Weisel
+
up
to
3
additional
TWP
Directors
to
join
Stifel
Board |
 5
Transaction
Financials
($
in
000s,
except
per
share)
The transaction is
accretive to both
EPS
(2)
and Book Value
per share.
(1) Based
on
32.8
million
common
shares
as
of
12/31/09,
486,486
warrants
that
are
automatically
converted
during
a
change-in-control,
and
8.5
million
converted
RSUs
(net
of
taxes
and
including
3
million
gross
additional
RSUs
issued
by
TWPG
for
employee
retention).
(2) Based upon First Call consensus estimates. Assumes $62 million in
annual cost savings and excludes one-time charges. Transaction Value
Calculation TWP Book Value Analysis
SF Stock Price (4/23/10)
$55.74
As Reported Book Value (12/31/09)
Total Shareholders' Equity
$129,837
TWPG Stock Price (4/23/10)
$4.36
Basic Common Shares Outstanding
31,693
Fixed Exchange Ratio
0.1364x
Book Value Per Share
$4.10
Implied Price Per TWPG Share
$7.60
Adjusted Book Value (12/31/09)
Total Shareholders' Equity
$129,837
Implied
Aggregate
Consideration
Calculation
(1)
Deferred Tax Asset Valuation Allowance
68,802
Common Shares Outstanding
$249,649
Adjusted Total Shareholders' Equity
$198,639
Restricted Stock Units and Warrants
68,503
Implied Aggregate Consideration
$318,153
Adjusted Book Value Per TWP Share
$6.27
Pricing Multiples
TWP
Statistic
Implied
12/31/09
Multiple
Aggregate Consideration / LTM Revenues
$196,712
1.6x
Aggregate Consideration / LTM Net Revenues
$195,056
1.6x
Price Per TWPG Share / Book Value Per Share
$4.10
185.5%
Price Per TWPG Share / Adjusted Book Value Per Share
$6.27
121.3%
Price Per TWPG Share / 2011 Median Analyst Estimated EPS
$0.48
16.0x
Current Market Premium
$4.36
74.3% |
 6
Why this Combination Makes Sense
Highly Complementary Investment Banking, Research and Sales and Trading Platforms
Additive, not
duplicative:
623
combined
offerings
completed
between
2005
-
2009
and
only
4
overlap
1,143
unique
U.S.
companies
under
research
coverage.
Only
8%
overlap
Expands institutional equity business both domestically and internationally
Fast Tracks
Stifel’s
Investment
Banking
Growth,
Which
Would
Otherwise
Take
Years
to
Achieve
Expands
Stifel's
Investment
Banking
business
in
key
growth
sectors
of
the
global
economy
Strengthens Stifel’s
profile within the venture capital community where TWP maintains key
relationships Enhances Stifel's
lead manager credentials
Geography: Expands
Stifel’s
west
coast
market
presence
&
provides
strong
market
entry
point
in
Canada
Enhances
and
Complements
Stifel’s
Existing
Business
Platform
Furthers Stifel’s
diversification plan: Pro forma revenue mix is approximately 50% / 50%
(Institutional Group and GWM)
Builds the premier full service middle-market investment bank
TWP’s
Core Verticals Appear Poised to Benefit From a Market Rebound
Capital markets activity is returning to more normalized levels
TMT in cyclical lull since 2007
IPO market impacted by financial crisis and recession
VC-backed IPO market rebounding along with growth sector activity in
general M&A activity highly correlated to economic growth, poised to
accelerate; TWP has well documented M&A practice TWP's
Asset
Management
Business
Complements
Stifel's
Global
Wealth
Management
Division
Combined Senior Management Teams Reflect Strong Cultural Fit
Increased Revenue Opportunities and Cost Savings Create Opportunity for Enhanced
Profitability Note: TMT refers to technology, media and telecom.
|
 7
Building the Premier Full Service Middle-Market Investment Bank
$2.0+ billion combined market capitalization
$1.5
billion
-
$1.6
billion
in
combined
2010E
revenues
(1)
$1.0 billion in combined equity capital as of 12/31/09
Coast-to-coast Institutional Equity and Fixed Income
Complementary product capabilities and investment banking coverage across broad
industry groups #1
U.S.
equity
research
platform
with
1,143
unique
companies
under
research
coverage
(2)
Growing
international
presence,
using
TWP
Canadian
presence
and
both
firms’
European
capabilities
~ 1,900 private client group financial advisors with over $100 billion in combined
client assets with a national presence
(1) Based upon First Call consensus estimates as of April 23, 2010.
(2) Source: Thomson Reuters for the combined company.
|
 8
Core Verticals are Poised to Benefit from Rebounding Economy
Capital Markets Appear Headed Back to More Normalized Levels
TMT has historically been approximately 40% of TWP business and was down 75% over
the past two years
TWP core verticals are poised to accelerate from any market rebound
Note: TMT refers to technology, media and telecom.
Source:
Equidesk,
Private
Raise,
FPinfomart
and
TWP
Capital
Markets.
Transaction
fees
include
U.S.
and
Canadian
equity
transactions.
Excludes
IPOs
and
follow-ons
less
than
$15
million,
non-agented
PIPE’s
and
those
less
than
$10
million
and
CEF’s
and
includes
ADR’s.
TMT
refers
to
technology,
media
and
telecom.
North American Equity Capital Markets Transaction Fees ($ in M)
North American Equity Capital Markets Transaction Fees ($ in M)
1,188
1,244
2,040
598
878
1,253
1,200
257
750
656
961
677
861
1,528
2,086
1,800
384
678
841
437
4,634
5,763
6,843
2,553
5,168
405
192
1,262
1,627
1,159
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
2005
2006
2007
2008
2009
Tech/Media/Telecom
Healthcare
Consumer
Energy & Alt. Energy
Mining
Sectors ($ in millions)
2005
2006
2007
2008
2009
Avg. %
08+09
vs. 07
Tech/Media/Telecom
1,188
$
1,244
$
2,040
$
405
$
598
$
(75%)
Healthcare
878
1,253
1,200
257
750
(58%)
Consumer
656
961
677
192
861
(22%)
Energy & Alt. Energy
1,528
1,627
2,086
1,262
1,800
(27%)
Mining
384
678
841
437
1,159
(5%)
Total
4,634
$
5,763
$
6,843
$
2,553
$
5,168
$
(44%) |
 9
U.S. IPO Market is Cyclical; Pronounced in Growth Sectors
Market turned at the beginning of 2003, 2010 shows similar trends
Average # IPOs between (’01-’03) were 80/year compared with 247/year
between (’04-’07) Average # TMT IPOs between
(’01-’03) were 18/year compared with 51/year between (’04-’07)
Note: TMT
refers
to
technology,
media
and
telecommunications.
Source:
Dealogic,
FactSet,
ThomsonOne
and
TWP
Capital
Markets.
89
241
331
484
354
415
631
490
285
499
418
86
74
79
233
217
245
294
52
65
40
129
24
57
101
147
142
203
259
162
114
345
268
19
14
21
51
42
40
72
6
13
9
29
0
100
200
300
400
500
600
700
# Total
U.S.
IPOs
# U.S.
TMT
IPOs
# Venture-backed IPOs |
 10
Technology
M&A
Environment
–
Announced
U.S.
Targets
M&A Activity, Highly Correlated to U.S. GDP, Appears Poised to Accelerate
Note:
Includes
Securities
Data
Corporation
designated
Technology
Industries
(e.g.
Computer
Related,
Electronics,
IT
Services,
Semiconductors,
Software).
Announced
transactions
with
disclosed
values
of
$20
million or more involving U.S. targets only. Excludes spinoffs and repurchases and
withdrawn transactions. Source: Securities Data Corp/Thomson One. $33
$53
$5
$7
$7
$6
$18
$28
$34
$49
$106
$166
$345
$73
$42
$57
$34
$94
$112
$126
$68
$0
$50
$100
$150
$200
$250
$300
$350
$400
'90
'91
'92
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
0
100
200
300
400
500
600
700
800
Volume $B
Deals
Deals
Volume
RR |
 11
$14,485
$18,820
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
1
$33,305
108
88
0
50
100
150
200
1
196
Dramatically Increases Investment Banking Footprint
Number
of
Offerings
2005
–
2009
M&A
Transactions
2005
–
2009
# of Transactions
$ Volume (M)
Source:
Dealogic,
Capital
IQ,
TWP
internal
and
SF
internal.
Stifel’s
transactions
include
the
Capital
Markets
Division
of
Legg
Mason
Wood
Walker,
Inc.
(acquired
on
December
1,
2005)
and
Ryan
Beck
&
Co.,
Inc.
(acquired
on
February
28,
2007)
and
their
respective
affiliates.
TWP’s
transactions
include
Westwind
transactions.
(1)
Total
is
adjusted
for
4
overlapping
transactions.
Average 5-Year Lead Managed Transaction %
SF:
16.5% TWP: 24.5%
SF
TWP
Enhances scope and scale with low level of overlap rarely available
321
306
0
100
200
300
400
500
600
700
1
623
(1) |
 12
Highly Complementary Investment Banking Industry Coverage
Capital Markets Activity Between 2005 -
2009
(1)
Source:
Dealogic,
Stifel
internal
and
TWP
internal.
Includes
all
equity
and
preferred
offerings.
Note:
Overlapping
transactions
include:
Orbitz
Worldwide
(OWW),
AeroVironment
(AVAV),
TRX
(TRXI)
and
NutriSystem
(NTRI).
Of
the
623
combined
offerings
completed
between
2005
-
2009
ONLY
4
overlap
(1)
# Offerings
Offering Value
Industry
Stifel
TWP
Combined
Overlap
($B)
%
Stifel
Core
Competencies
FIG
99
12
111
0
33.1
$
27.4%
Real Estate
109
10
119
0
21.7
18.0%
U.S. Energy and Natural Resources
34
0
34
0
5.5
4.6%
Aerospace Defense & Government Services
7
4
10
1
4.7
3.9%
Industrials
21
2
23
0
3.8
3.2%
Transportation
3
3
6
0
1.8
1.5%
Education
7
1
8
0
1.3
1.1%
Subtotal
280
32
311
1
72.0
$
59.7%
TWP
Core
Competencies
Technology, Media & Telecommunications
9
96
104
1
20.1
16.7%
Canadian Energy & Natural Resources
11
100
111
0
13.6
11.3%
Healthcare
15
51
66
0
8.5
7.0%
Consumer
6
27
31
2
6.4
5.3%
Subtotal
41
274
312
3
48.6
$
40.3%
Total
321
306
623
4
120.6
$
100.0% |
 13
Highly
Complementary
Investment
Banking
Industry
Coverage
Completed M&A Transactions Between 2005 -
2009
(1)
For disclosed deal values only.
Source: Capital IQ.
# Transactions
Transaction Value
(1)
Industry
Stifel
TWP
Combined
($B)
%
Stifel
Core
Competencies
Real Estate
4
0
4
8.6
$
25.9%
Financial Institutions
36
3
39
5.5
16.6%
Industrials
13
4
17
0.5
1.4%
Aerospace, Defense & Government Services
4
0
4
0.3
1.0%
U.S. Energy & Natural Resources
1
0
1
0.1
0.4%
Education
4
0
4
0.1
0.2%
Transportation
5
0
5
NA
NA
Subtotal
67
7
74
15.1
$
45.4%
TWP
Core
Competencies
Technology, Media & Telecommunications
26
41
67
8.6
47.4%
Healthcare
2
13
15
6.1
18.3%
Canadian Energy & Natural Resources
2
16
18
2.0
6.0%
Consumer
11
11
22
1.5
4.4%
Subtotal
41
81
122
18.2
$
54.6%
Total
108
88
196
33.3
$
100.0% |
 14
Creates the Largest U.S. Equity Research Platform
Pro Forma U.S. Research
Coverage Pro Forma
U.S. Research Coverage
(1) Source:
Thomson
Reuters
rankings
and
research
coverage
as
of
4/23/10
for
Stifel
and
TWP.
Rankings
exclude 87 closed end funds for Stifel. 100 equities in total
overlap. (2) Small Cap includes
market caps less than $1.0 billion USD. 1,143 unique U.S. companies under
coverage. Only 8% overlap
(1)
93 senior research analysts
#1 U.S. equities coverage
#1 U.S. Small Cap. equities coverage
(2)
Cover approximately 50% of the S&P 500
Combination gets Stifel
to market weight for 3 critical growth
engines of the U.S. economy: Technology, Healthcare and
Energy
U.S.
U.S.
Research
Research
Coverage
Coverage
(1)
(1)
Rank
Firm
# Companies
Stifel
(pro forma, ex.
overlap)
1,143
1.
JPMorgan
1,064
2.
BofA
Merrill Lynch
961
3.
Barclays Capital
914
4.
Stifel
862
24.
TWP
381
Small
Small
Cap.
Cap.
U.S
U.S
Research
Research
Coverage
Coverage
(1)(2)
(1)(2)
Rank
Firm
# Companies
Stifel
(pro forma, ex.
overlap)
423
1.
Stifel
386
2.
Virtua
Research
339
3.
Sidoti
& Company
332
4.
Raymond James
284
23.
TWP
137
Consumer
15%
Energy
15%
Technology
18%
Financials
17%
Healthcare
10%
Transport.
4%
AD&GS
4%
Media
6%
Educ.
1%
REITs
8%
Bus. Svcs.
2% |
 15
Enhances a Top Tier Sales and Trading
Platform
Powerful combined research presence, with excellent sales and trading relationships
across regions
#11 YTD AutEx
volume among investment banks on a combined basis
Strong content, combined with excellent electronic trading team and products
TWP
relationships
with
growth
managers,
combined
with
Stifel
coverage
depth
with
both
growth
and value investors
Combines sales and trading groups
Leverages
Stifel’s
Fixed
Income
capabilities
with
TWP
client
base |
 16
Enhances Global Wealth Management
Global Wealth Management
1,900 financial advisors
TWP advisors bring deep access to Silicon Valley clients
Private Equity Group
Global Growth Partners: $890 million growth-oriented fund of funds
Healthcare Venture Partners: $122 million device-focused venture capital
fund Venture Partners: $253 million early-stage venture capital
fund Strategic Opportunities Fund: $82 million venture strategic
opportunities/venture capital fund Stifel
Capital
Advisors:
Over
$7
billion
of
assets
under
management
(1)
Investment Management
Manages
small
and
mid-cap
growth
equity
portfolios
for
institutions
and
high
net
worth
individuals
Bank & Trust
Provides lending products and services to private client customers and corporate
clients (1)
Assets under management reflect assets managed by Stifel Capital Advisors' affiliate, FSI Capital
Holdings, LLC and its subsidiaries. Assets under management are calculated based on the aggregate principal balance
of assets as of March 3, 2010. The calculation of assets under management may differ from the
calculation of other asset managers, and as a result this measure may not be comparable to similar measures presented
by other asset managers. Had assets under management been calculated using the method used for purposes
of calculating asset management fees the result would be less than the measure reported herein. |
 17
Coast to Coast Institutional Group Presence
Global Wealth
Management
Global Wealth
Management
Combined Institutional Group
Presence Combined
Institutional Group Presence
TWPG
SF
TWPG
SF |
 18
Stifel’s
Track Record in Integrating
Transactions:
Low Risk Opportunity
Successfully integrated Legg’s sales and trading, research and investment
banking
platforms
to
Stifel’s
platform
Majority of Legg Mason Investment Banking Managing Directors remain with
Stifel
today
Achieved cost savings objectives
Remains core of Institutional Capital Markets business
Closed December 1, 2005
Successfully integrated Ryan Beck’s private client group and investment
banking
platforms
to
Stifel’s
platform
Achieved cost savings objectives
Closed February 28, 2007
Successfully
integrated
UBS’
private
client
group
platform
to
Stifel’s
platform
Revenue production in-line with expectations
Achieving synergy objectives
Last closing October 16, 2009
(56 branches from
UBS Financial
Services)
(Capital Markets Division) |
 19
Driving Value for Stakeholders
Clients
Greater access to resources of both firms
Senior management and leadership provides broader platform to attract and retain
talent Strong cultural fit between firms
Expands services across Institutional Group and Global Wealth Management
platforms Broader industry focus
Deeper talent pool for serving clients
Complementary investment banking and research platforms with almost no overlap
provide continuity of client facing personnel
Continued investment in Investment Banking fully leverages firm strengths
Stifel
remains
over
40%
owned
by
“insiders”
on
a
fully
diluted
basis,
creating
direct
alignment
of
interest with shareholders
Increased revenue opportunities and cost savings create opportunity for enhanced
profitability Proven successful integrators
Building the Premier Growth-Focused Middle-Market Investment Bank
Associates
Shareholders |