Stifel has recruited ten advisers, including a team that managed more than $3.9 billion, a company spokesman said.
The largest of Stifel's new hires comes from Oppenheimer. The team, known as PearlStreet Investment Management, opened a new office for Stifel in Ada, Mich., a suburb of Grand Rapids. They manage more than $600 million in fee-based client assets and also have an institutional retirement plan practice that is responsible for more than $5 billion in retirement plan assets, of which $3.3 billion was custodied at the firm, according to Stifel.
The recruits were hired by the firm last week. Team members include managing directors Kevin Cusack, Joe Horlings, Susan Rose as well as financial advisers Jim Shuster, Shawn Kersjes and Drew Wilson.
Cusack said in a statement they made the move because of Stifel's technology culture, which he described as "a fit for our Midwestern values."
An Oppenheimer spokeswoman declined to comment on the team's departure.
Cusack is an industry veteran, having started his career at A.G. Edwards in 1984, according to FINRA BrokerCheck records. He later worked for McDonald Investments before joining Oppenheimer in 2003.
Horlings and Rose both started their careers at McDonald in 1992. Shuster joined the industry with Edward Jones in 2003, transitioning to Oppenheimer in 2011.
Kersjes launched his advisory career with New England Securities, a member of the Mass Mutual Financial Group. He moved to Oppenheimer in 2006.
Stifel also recruited an RBC team that oversaw $100 million in client assets. Advisers Sailing Adler and Jeff Bacon joined Stifel in Boston.
The team had been with RBC since 2012, and had previously worked at Oppenehimer, according to BrokerCheck records.
A spokeswoman for RBC declined to comment on the team's departure.
UBS adviser Matthew Waldman left the wirehouse to join Stifel in Chicago. Waldman oversaw $58 million in AUM, according to Stifel. He had been with UBS since 2011, per BrokerCheck records. Prior to the wirehouse, Waldman worked at Credit Suisse.
A spokesman for UBS declined to comment on the adviser's departure.
Stifel also recruited adviser Joel Yudenfreund from U.S. Bank. Yudenfreund, who is a trust and estate attorney as well as CFP, joined the firm in Palm Beach, Fla.
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