Last Updated: Tuesday, November 25, 2008 2:19 PM CST
Stifel Nicolaus takes over for Smith Barney
The financial services firm Stifel, Nicolaus & Company opened its doors in Rhinelander on Monday. While the name on the sign is different, the faces inside the building will be familiar.
The St. Louis-based firm has taken over from Smith Barney, which closed last month, but Stifel will retain the brokers and the office.
Stifel Nicolaus President Scott McCuaig said the handover was amicable and benefited both companies.
“We’re a regional firm based out of St. Louis but we have a lot of offices in that area. When the big guys don’t want to be around, we’re happy to serve the community,” said McCuaig.
McCuaig said former Smith Barney manager David Holperin will remain in charge of the office under its new name.
“We’re thrilled to be in Rhinelander,” said McCuaig. “Smith Barney was not interested in staying there, so we hired the brokers and took over the lease. They sold us the furniture so all we had to do was change the name on the door.”
McCuaig said in spite of the harsh financial climate, his company is growing.
“We’ve been growing all over. We’ve probably opened over 30 offices this year,” McCuaig said.
The Rhinelander Smith Barney office announced its closure along with 41 other offices around the country in October when the company’s parent company Citigroup came under financial pressure.
Alex Samuelson, chief communications officer for Smith Barney in New York, described the decision as “necessary.”
“We make real estate and capacity changes on a regular basis and this is an unfortunate decision that we feel is necessary,” Samuelson said.
Holperin said that when he learned of the closure, he was determined to keep his office intact in order to continue to service its clients.
“We approached no fewer than nine different firms and all nine wanted to hire us,” Holperin said. “But Stifel was the one that provided the best platform for servicing clients, the best technology, and a strong balance sheet that was lacking, particularly from some of the Wall Street-based firms.”
Holperin said he expects a smooth transition for clients and staff alike.
“Our customers understood it wasn’t our choice to close Smith Barney. We’ve kept our core group together and we believe the transition will be handled smoothly,” Holperin said.
Holperin said Stifel showed its commitment to serving small communities in taking over the business.
Stifel, Nicolaus & Company, Incorporated operates 77 offices in 15 states, mostly in the central United States. A full range of investments, including stocks, corporate and municipal bonds, mutual funds, annuities, insurance, options, and managed assets accounts are available through the firm. Stifel is the largest subsidiary of Stifel Financial Corp. and is a member of SIPC and listed on the New York Stock Exchange under the symbol “SF.” To learn more about Stifel, visit the company’s web site at www.stifel.com.
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bill johnson wrote on Nov 25, 2008 6:13 PM:
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