US-based financial services holding company Stifel Financial has signed an agreement to purchase Ziegler Lotsoff Capital Management (ZLCM), a Chicago and Milwaukee based asset management business.

According to Stifel, the acquisition of ZLCM will add new asset management strategies and boost its existing platform.

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Continuing its long-term partnership with B.C. Ziegler, ZLCM will offer investment management services to their mutual current and prospective clients.

Ronald Kruszewski, chairman, president and CEO of Stifel Financial, said: "We have known many of the professionals at ZLCM for years and think very highly of their platform. We are excited to welcome them to the Stifel family."

Scott Roberts, president of ZLCM, said: "We look forward to adding to Stifel’s asset management capabilities and enhancing our services going forward."

The terms of the transaction, which is expected to close in the fourth quarter of 2013, were not disclosed.

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