Devin Ryan

Steven Chubak

William Katz

Alexander Blostein

Alex Blostein

Brennan Hawken

Michael Brown

Michael Cho

Christopher Allen

- Equitable's affiliate has entered into an agreement to acquire **Stifel Independent Advisors, LLC**, a subsidiary of Stifel Financial Corp..  **[720672_293982423ad24b39aca0b1d840ae75dd_0]** 
- The transaction, which is expected to close in the **first quarter of 2026**, involves **more than 110 independent advisors** managing approximately **$9 billion in client assets**.  **[720672_293982423ad24b39aca0b1d840ae75dd_0]** 
- Stifel Financial Corp. will **retain its employee advisor channel**, reinforcing its commitment to grow assets under management from **$500 billion to $1 trillion**.  **[720672_293982423ad24b39aca0b1d840ae75dd_0]** **[720672_293982423ad24b39aca0b1d840ae75dd_1]**

Stifel Financial Announces Sale of Independent Advisors Unit

- Stifel Financial achieved **record net revenue of over $1.4 billion** and **record third-quarter earnings per share of $1.95** for Q3 2025, marking a **17% year-over-year increase in net revenue** and a **30% rise in operating EPS**.  **[0000720672_2195710_1]** **[0000720672_2195710_3]**  The company's pretax margin reached **21.2%**.  **[0000720672_2195710_1]** **[0000720672_2195710_3]** 
- Both segments contributed to performance, with Global Wealth Management reporting **record revenue of $907 million** and **record total client assets of $544 billion**.  **[0000720672_2195710_1]** **[0000720672_2195710_3]**  The Institutional Group's revenue grew **34% year-over-year to $500 million**, driven by a **33% increase in Investment Banking revenue** and strong trading activity.  **[0000720672_2195710_1]** **[0000720672_2195710_3]** 
- Investment banking advisory pipelines ended the quarter at **record levels**, indicating strong future visibility.  **[0000720672_2195710_3]** **[0000720672_2195710_5]**  The company forecasts **Q4 2025 Net Interest Income (NII) between $270 million and $280 million**.  **[0000720672_2195710_3]**  Stifel also emphasized its consistent capital allocation strategy, including dividends and stock repurchases, based on risk-adjusted returns.  **[0000720672_2195710_8]**

Stifel Financial Reports Record Q3 2025 Results

- Stifel Financial Corp. reported **record net revenues of $1.43 billion** and **Non-GAAP diluted earnings per share of $1.95** for the third quarter of 2025.  **[720672_0001193125-25-245829_d25533dex991.htm:0]** **[720672_0001193125-25-245829_d25533dex993.htm:0]** **[720672_0001193125-25-245829_d25533dex992.htm:0]** **[720672_0001193125-25-245829_d25533dex991.htm:1]** **[720672_0001193125-25-245829_d25533dex993.htm:1]** **[720672_0001193125-25-245829_d25533dex992.htm:2]** 
- Global Wealth Management achieved **record net revenues of $907.4 million**, while the Institutional Group saw its revenue increase by **34%** compared to the prior year quarter.  **[720672_0001193125-25-245829_d25533dex991.htm:0]** **[720672_0001193125-25-245829_d25533dex993.htm:0]** **[720672_0001193125-25-245829_d25533dex991.htm:1]** **[720672_0001193125-25-245829_d25533dex993.htm:1]** **[720672_0001193125-25-245829_d25533dex992.htm:3]** **[720672_0001193125-25-245829_d25533dex992.htm:5]** **[720672_0001193125-25-245829_d25533dex992.htm:8]** 
- The company reported **record client assets of $544.0 billion** as of September 30, 2025, marking a 10% increase over the year-ago quarter.  **[720672_0001193125-25-245829_d25533dex991.htm:0]** **[720672_0001193125-25-245829_d25533dex993.htm:0]** **[720672_0001193125-25-245829_d25533dex991.htm:1]** **[720672_0001193125-25-245829_d25533dex993.htm:1]** **[720672_0001193125-25-245829_d25533dex992.htm:7]** 
- Investment banking revenues grew by **33%**, capital raising revenues by **36%**, advisory revenues by **31%**, and transactional revenues by **20%** over the year-ago quarter.  **[720672_0001193125-25-245829_d25533dex991.htm:0]** **[720672_0001193125-25-245829_d25533dex993.htm:0]** **[720672_0001193125-25-245829_d25533dex992.htm:1]** 
- For Q3 2025, the Non-GAAP pre-tax margin was **21.2%** and the annualized return on tangible common equity (ROTCE) was **24.3%**.  **[720672_0001193125-25-245829_d25533dex991.htm:0]** **[720672_0001193125-25-245829_d25533dex993.htm:0]** **[720672_0001193125-25-245829_d25533dex991.htm:1]** **[720672_0001193125-25-245829_d25533dex993.htm:1]** **[720672_0001193125-25-245829_d25533dex992.htm:4]**

Stifel Financial Corp. Reports Strong Third Quarter 2025 Results

- Stifel Financial Corp. reported **net revenues of $1.4 billion** for the three months ended September 30, 2025, an increase of **16.7%** compared to $1.2 billion in the prior year quarter.  **[720672_993a39167210488d83fefa80ebd7c93d_0]** **[720672_993a39167210488d83fefa80ebd7c93d_6]** 
- **GAAP diluted earnings per common share** for the third quarter of 2025 was **$1.84**, up from $1.34 in the third quarter of 2024. **Non-GAAP diluted earnings per common share** was **$1.95** for Q3 2025, compared to $1.50 in Q3 2024.  **[720672_993a39167210488d83fefa80ebd7c93d_0]** **[720672_993a39167210488d83fefa80ebd7c93d_1]** **[720672_993a39167210488d83fefa80ebd7c93d_7]** 
- The company achieved **record net revenue** driven by record results in Global Wealth Management and a **34% increase in Institutional revenue**.  **[720672_993a39167210488d83fefa80ebd7c93d_0]** 
- **Record client assets** reached **$544.0 billion**, representing a **10% increase** over the year-ago quarter.  **[720672_993a39167210488d83fefa80ebd7c93d_0]** **[720672_993a39167210488d83fefa80ebd7c93d_1]** 
- During the third quarter, Stifel repurchased **$31.2 million** of its outstanding common stock and declared a **$0.46 quarterly dividend** per share.  **[720672_993a39167210488d83fefa80ebd7c93d_3]** **[720672_993a39167210488d83fefa80ebd7c93d_4]**

Stifel Financial Reports Third Quarter 2025 Results

- Fiserv, Inc. has signed a **definitive agreement to acquire StoneCastle Cash Management**, a platform that enables depository institutions to access stable, cost-efficient deposit funding from businesses and enterprise customers.  **[720672_9e7d239c650e4d36a784d126b3b0ca52_0]** 
- The acquisition is intended to make Fiserv a technology-enabled source of billions of dollars of institutional deposits, helping financial institutions optimize their balance sheets and retain funds associated with FIUSD stablecoin issuance.  **[720672_9e7d239c650e4d36a784d126b3b0ca52_0]** 
- StoneCastle Cash Management, founded in **2009**, operates a leading deposit network in the U.S., serving over 1,000 FDIC insured depository institutions, and has existing relationships with over 300 Fiserv core banks.  **[720672_9e7d239c650e4d36a784d126b3b0ca52_0]** **[720672_9e7d239c650e4d36a784d126b3b0ca52_1]** 
- The transaction is **expected to close by Q1 2026**, subject to regulatory approvals and other customary closing conditions, with the financial terms of the transaction remaining undisclosed.  **[720672_9e7d239c650e4d36a784d126b3b0ca52_1]**

Fiserv to Acquire StoneCastle Cash Management

- GHO Capital announced on **September 29, 2025**, the sale of **VISUfarma**, a specialty pharmaceutical company focused on ophthalmology, to Lupin Limited's wholly owned subsidiary, Nanomi B.V..  **[720672_04b2a1cd8cf24ca998bae3505e63e892_0]** 
- The acquisition is projected to close by the **end of 2025** and will be financed by Lupin using **existing cash on its balance sheet**.  **[720672_04b2a1cd8cf24ca998bae3505e63e892_0]** **[720672_04b2a1cd8cf24ca998bae3505e63e892_1]** 
- VISUfarma generated **€48 million in revenue in 2024** and is expected to expand Lupin's European business and ophthalmology specialty franchise, being **accretive to Lupin's growth and margin profile**.  **[720672_04b2a1cd8cf24ca998bae3505e63e892_0]** **[720672_04b2a1cd8cf24ca998bae3505e63e892_1]** 
- **Stifel** acted as the exclusive financial advisor to GHO Capital for this transaction.  **[720672_04b2a1cd8cf24ca998bae3505e63e892_1]**

GHO Capital Announces Sale of VISUfarma to Lupin

- Stifel Financial Corp. reported selected operating results for **August 31, 2025**, on **September 25, 2025**.  **[720672_0001193125-25-217538_d10226dex991.htm:0]** 
- **Total client assets** reached **$532,742 million** as of August 31, 2025, representing a **9% year-over-year increase** and a **2% month-over-month increase**.  **[720672_0001193125-25-217538_d10226dex991.htm:0]** 
- **Fee-based client assets** also hit a record high of **$213,635 million**, growing **14% year-over-year** and **2% month-over-month**.  **[720672_0001193125-25-217538_d10226dex991.htm:0]** 
- **Treasury deposits** increased significantly by **79% year-over-year** and **6% month-over-month** to **$7,647 million**, which helped offset a **1% month-over-month decline** in client money market and insured product balances.  **[720672_0001193125-25-217538_d10226dex991.htm:0]** 
- Chairman and CEO Ronald J. Kruszewski anticipates a **stronger second half of the year** for the Institutional Group due to an improved capital raising and M&A environment.  **[720672_0001193125-25-217538_d10226dex991.htm:0]**

Stifel Reports August 2025 Operating Data

- Stifel Financial Corp. reported selected operating results for **July 31, 2025**, with **total client assets** and **fee-based client assets** reaching record levels.  **[720672_6e96b1c318f741c190c5dd544ccda6b6_0]** 
- **Total client assets** increased **9% year-over-year** to **$522,303 million**, while **fee-based client assets** grew **14% year-over-year** to **$209,084 million** as of **July 31, 2025**.  **[720672_6e96b1c318f741c190c5dd544ccda6b6_0]** 
- **Treasury deposits** surged **87% year-over-year** to **$7,246 million** as of **July 31, 2025**, and **bank loans, net**, increased **7% year-over-year** to **$21,605 million**.  **[720672_6e96b1c318f741c190c5dd544ccda6b6_0]**

STIFEL FINANCIAL (SF)