Stifel Financial (SF) has agreed to buy a Legg Mason wealth management unit, the two companies announced Wednesday.

Legg Mason Investment Counsel & Trust offers investment advisory and trust services to individuals, families and institutions throughout the U.S., the companies said in a release. It manages more than $9 billion of assets, the release said.

Terms of the deal, which is expected to be completed this fall provided regulators approve it, were not disclosed. The unit would become part of Stifel's global wealth management arm.

"The investment counsel business is a perfect addition to our existing wealth management platform," Stifel Chairman and Chief Executive Ron Kruszewski said in the release. "We think their high-touch and personalized approach for each client's unique financial situation perfectly matches Stifel's model and culture."

Stifel, an investment bank, has been expanding its financial services operations in recent years. In October it bought Acacia Federal Savings Bank in Falls Church, Va., and merged it into Stifel Bank and Trust. The bank unit's assets have nearly doubled in the last two years, to $5 billion at March 31, according to Federal Deposit Insurance Corp. data.

Stifel also drew wide attention when it bought KBW, whose Keefe, Bruyette & Woods unit is one of the top bank M&A advisory firms, for more than $500 million in early 2013.

Among other deals, it bought municipal banking firm Stone & Youngberg in 2011.

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