Another deal for Sterne Agee gives the rapidly expanding institutional-oriented firm an even bigger retail focus in the Mid-Atlantic and throughout the Midwest.
Anderson & Strudwick, based in Richmond, Virginia, had about 90 brokers on its roster when it agreed to the acquisition. Half were private contractors and the rest were employees.
The firm had 18 branches stretching from the Atlantic to Chicago.
The mix of business models and geographical reach was a tempting fit for Sterne Agee, which has grown fast from a largely institutional trading house based in Alabama into a national retail operation.
Terms were not disclosed, but Anderson & Strudwick had been looking for a buyer for a few years.
The deal not only boosts Sterne Agee's reach but deepens its self-clearing platform.
Anderson & Strudwick was an especially logical candidate because it had recently ended its relationship with Pershing.