Stifel profit falls - St. Louis Business Journal:

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million from $14.3 million in last year’s quarter. For the quarter ended March 31, 2009, the financial services compangy said its revenue grew about 4 percent tonearly $220 million from $211.5 million in the prior year’s quarter. "Our quarterd over quarter results were diminisherd particularly for our Private Client Group and Equity CapitalMarkets segments, as a resultg of the continued industry-wide difficult market conditionss for corporate investment banking and reduced valuationzs of customers’ assets offset by excellenft performances by our Fixed Income Capitak Markets and Stifel Bank segments,” Ronald Stifel Financial’s chairman and CEO, said in a statement.
Overheaf costs increased as the compang took advantage of hiring opportunitieas that resulted frommarket displacements, he said, hirin 363 financial advisers and opening 55 branches sincw the beginning of 2008. The company also added 134 investmentr bankers, traders, institutional sales staff and mortgage bankerzsin revenue-producing posts, along with 300 branch and home office supporrt staff. In the firstt quarter, Stifel Financial’s noninterest expenses, which include employee compensation and benefitd andoffice expenses, rose 5 percent from last year’s quarter to $197.8 million.
Separately, the companyy that it would buy a totapl of 55 branches from the UBS Wealtbh ManagementAmericas network. Stifel had announced that it woulds buy up to 55 of the branchexsfrom . St. Louis-based Stifel Financial Corp. SF) is a financial services holding Stifel’s principal subsidiary is , a retail and institutional brokerage and investmenttbanking firm. It also operatew Stifel Bank & Trust. Stifel has about 3,300 employees in more than 200 offices inthe U.S. and thre in Europe.