Sterne Agee Group Inc. in Birmingham, Ala., said Wednesday that it will buy Anderson & Strudwick Inc. in Richmond, Va.
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Sterne Agee did not provide a price for the acquisition, which it expects to complete within 90 days. The transaction will increase Sterne Agee's wealth management business along the East Coast and in Knoxville, Tenn., and Chicago. Anderson & Strudwick has 18 offices.
Damon Joyner, the president and chief executive of Anderson & Strudwick, will become a senior managing director at Sterne Agee.
Sterne Agee, a privately owned investment bank, provides research, securities clearing, asset management, trust and institutional and retail securities brokerage services.
