Stifel Hires Launny Steffens, Former Merrill Lynch Leader and Spring Mountain Capital Co-founder, as Vice Chairman of Asset Management.

Stifel Financial has hired Launny Steffens, a former Merrill Lynch leader and co-founder of Spring Mountain Capital. Steffens will serve as vice chairman of asset management at Stifel, helping grow its financial advisor network, build on asset management capabilities, and identify new investment banking opportunities. The acquisition of part of Spring Mountain Capital will further enhance Stifel's capabilities.

Stifel Financial Corp. (NYSE: SF) has announced the appointment of Launny Steffens as Vice Chairman of Asset Management, marking a significant strategic move for the financial services holding company. Steffens, a veteran financial services leader known for his tenure at Merrill Lynch, will bring over 38 years of experience to his new role at Stifel.

Steffens' extensive background includes serving as President of Merrill Lynch Consumer Markets, Vice Chairman of Merrill Lynch & Co., and Chairman of the firm's U.S. Private Client Group. Under his leadership, Merrill Lynch's Private Client Group grew assets under management (AUM) from $200 billion in 1985 to approximately $1.6 trillion in 2000 [2].

Following his departure from Merrill Lynch, Steffens co-founded Spring Mountain Capital, a private investment management firm focused on alternative asset investing. Stifel will acquire over $1 billion in AUM from Spring Mountain, along with key investment professionals who will remain actively involved in managing these assets. The transaction is expected to close later this year, subject to customary conditions [2].

In his new role at Stifel, Steffens will focus on expanding the firm's financial advisor network, advancing its asset management capabilities, and identifying new investment banking opportunities. "Launny Steffens is a legend in our industry," said Ronald J. Kruszewski, Chairman and CEO of Stifel. "His experience, insight, and unmatched relationship network make him an exceptional addition to our firm. We are excited to welcome Launny to Stifel, and I am confident he will help us accelerate our momentum across several strategic areas" [2].

Steffens praised Stifel's culture, noting that it reminds him of an earlier era in the industry when firms were more entrepreneurial and client-focused. "Stifel has managed to preserve that classic spirit, while still embracing innovation," he said [2].

This move comes as Stifel reported its strongest advisor recruiting quarter in 10 years, adding 82 financial advisors in July [3]. The acquisition of Spring Mountain Capital will further enhance Stifel's capabilities and position it to compete more effectively in the asset management space.

References:
[1] https://www.barrons.com/advisor/articles/stifel-hires-merrill-lynch-launny-steffens-3da6098b
[2] https://www.stocktitan.net/news/SF/launny-steffens-to-join-stifel-as-vice-chairman-of-asset-7voe2u89g2or.html
[3] https://www.wealthmanagement.com/career-moves/stifel-hires-former-merrill-exec-steffens-as-vice-chair-of-asset-management