George K. Baum & Company, a Kansas City-based investment bank focused on public finance and taxable fixed income sales and trading, is selling its core business functions to St. Louis-based Stifel Financial Corp.
Baum’s business specializes in underwriting and other financial services for high education, school and library districts, prisons, infrastructure entities, housing and other areas. The company has 24 offices across the country, including public-finance offices in 22 locales. Since 2000, Baum has provided underwriting or financial services to nearly 7,800 bond issues totaling about $320 billion.
The company’s president and CEO Jonathan Baum is the third generation of this family to lead the outfit. He will continue to lead boutique investment-banking firm George K. Baum Capital Advisors.
The deal with Stifel is expected by company management to close in the fourth quarter.
“This transaction brings GKB’s nationally recognized municipal securities business to Stifel and further strengthens Stifel’s ability to provide top tier service to municipal issuer clients and non-profit borrowers. Further, GKB’s regional and sector focused practices provide a unique fit with Stifel’s existing public finance structure and a strong foundation to grow our businesses,” said Ronald J. Kruszewski, chairman and chief executive officer of Stifel, in a press release.