Miller Buckfire, Stifel Financial enter into strategic alliance

By Melissa Kory

Cleveland, June 9 - Stifel Financial Corp. and Miller Buckfire & Co. LLC announced that they entered into a strategic alliance whereby Stifel will invest $40 million for senior preferred interests in Miller Buckfire.

The two firms will broaden their offerings by making Miller Buckfire's restructuring advisory capabilities available to Stifel's clients and Stifel's capital markets expertise available to Miller Buckfire's clients.

Stifel and Miller Buckfire will continue to operate independently.

"Our strategic alliance with Stifel ... optimally positions us for the next restructuring cycle, which we believe will be more focused on capital markets solutions," Miller Buckfire chief executive officer and managing director Kenneth A. Buckfire said in the release.

Stifel co-head of the institutional group Victor J. Nesi will join Miller Buckfire's board of directors, and Miller Buckfire chairman Henry S. Miller will be a senior adviser to Stifel.

This transaction is expected to close in the second quarter.

Miller Buckfire is a New York-based investment bank. Based in St. Louis, Stifel provides investment advisory and financial services to individual investors, professional money managers, businesses and governments.

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