Stifel Financial Corp. has acquired Stone & Youngberg LLC, bringing together its municipal finance and fixed-income securities team with Stifel’s public finance, institutional sales and trading, and bond underwriting team.

The combined firms will be led by Ronald Kruszewski, president and chief executive officer of St. Louis-based Stifel. Kenneth Williams, currently president and CEO of San Francisco-based Stone & Youngberg, will run the municipal finance business.

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