Devin Ryan

Steven Chubak

William Katz

Alexander Blostein

Alex Blostein

Brennan Hawken

Michael Brown

Michael Cho

Christopher Allen

- 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)