How Stifel Investment Banking Achieved Record Milestones and Industry Recognition in 2019

When Mergers & Acquisitions magazine awarded Stifel Financial Corp. (NYSE: SF) its prestigious Investment Bank of the Year title in April 2020, the recognition reflected far more than a single exceptional year. The honor celebrated a financial institution that had methodically built its Stifel investment banking capabilities into a powerhouse of middle-market advisory services.

Record-Breaking Performance Powered by Strategic Diversification

The 2019 performance numbers told a compelling story. Stifel posted its 24th consecutive year of record net revenues, with investment banking revenues soaring to $817 million—a robust 15% increase from 2018 and the highest figure in the company’s history. This wasn’t accidental success; it was the direct result of a deliberate strategy to build multiple pillars within the firm’s Stifel investment banking operations.

The diversification strategy proved particularly effective. Rather than relying solely on traditional M&A advisory work, Stifel’s team generated substantial contributions from complementary service lines. The Miller Buckfire restructuring practice and Eaton Partners’ fund placement business each played crucial roles in driving overall performance. This multi-pronged approach to investment banking revenue creation demonstrated sophisticated business model evolution.

Strategic Acquisitions Reshaping the Competitive Landscape

Stifel’s acquisition strategy during this period significantly expanded both capability and geographic reach. The most transformative move came with the Mooreland Partners acquisition, which essentially doubled the size of the firm’s technology investment banking practice while simultaneously establishing meaningful footholds in Europe and Silicon Valley—regions critical to technology finance.

Beyond Mooreland, Stifel completed several other strategic additions: acquiring GMP Capital’s capital markets business, MainFirst Bank, B&F Capital Markets, George K. Baum & Company, and First Empire. Each acquisition served a specific purpose within the overall growth architecture.

“2019 was a landmark year for us, marked by a healthy mix of organic growth and accretive acquisitions,” Brad Raymond, Global Head of Investment Banking at Stifel, observed. The company’s leadership recognized that sustainable growth required both internal development and thoughtful M&A integration.

Geographic Expansion and Sector Coverage

The firm’s ambitions extended beyond North America. During 2019, Stifel deliberately expanded its investment banking franchise into emerging geographies including Canada, China, Germany, Israel, Korea, and Japan. Simultaneously, the company launched new coverage initiatives in Cannabis, Business Services, and Media & Telecom—sectors positioned to attract deal flow and advisory mandates.

This geographic and sectoral expansion reflected a maturing company confident in its competitive positioning and execution capabilities.

Building Institutional Strength Beyond Deal Flow

Corporate achievement also extended to organizational development. Stifel made substantial talent investments across its advisory business, systematically deepening both industry expertise and product coverage. The firm demonstrated commitment to inclusive workplace culture by launching its inaugural Women’s Initiative Network (WIN) summit in 2019, bringing together associates and industry leaders while establishing a sponsorship relationship with the Financial Women’s Association.

Beyond internal initiatives, Stifel leveraged its institutional resources for community impact. When COVID-19 emerged, the company directed support toward Direct Relief—an organization sourcing protective equipment for medical workers—and World Central Kitchen, which mobilized meal delivery for vulnerable populations.

The Stifel Investment Banking Model

At its core, Stifel Financial Corp. operates as a diversified financial services holding company headquartered in St. Louis, Missouri. The organization conducts business through wholly owned subsidiaries including Stifel, Nicolaus & Company (housing the Eaton Partners division), Keefe, Bruyette & Woods, Miller Buckfire & Co., and Century Securities Associates. The broker-dealer affiliates deliver securities brokerage, investment banking, trading, and investment advisory services to individual investors, institutional money managers, corporations, and municipalities.

The institutional structure also encompasses Stifel Bank and Stifel Bank & Trust for lending solutions, plus Stifel Trust Company entities providing fiduciary services. This architecturally diversified model—spanning investment banking, lending, wealth management, and fiduciary services—has enabled Stifel to maintain competitive advantage across market cycles.

The 2019 recognition wasn’t simply about one year’s metrics; it validated a strategic approach built on disciplined diversification, strategic acquisitions, geographic expansion, and investment in human capital. For Stifel investment banking, the award marked a milestone in a longer journey of institutional development.