Barclays has signed an agreement to sell its wealth and investment management franchise in the Americas to Stifel Financial Corp.

This confirms weeks of speculation around the sale.

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Barclays’ wealth and investment management franchise currently has 12 offices in the US. As of May 31, 2015, Barclays had approximately 180 financial advisors in the region, managing approximately $56bn in total client assets.

The acquisition includes Barclays Wealth Trustees (US) and all associated accounts.

The transaction is set to be completed in mid November, subject to regulatory approvals and customary conditions.

As part of this agreement, investment bank Stifel will be the US private wealth distribution partner for a certain portion of Barclays’ equities and will credit new issue securities in the US.

Barclays’ chief executive of global wealth and investment management, Akshaya Bhargava, said:

"We are pleased to have been able to find in Stifel a buyer that is committed to helping the franchise to grow over the long term, and providing for our clients an expanded range of products and services."

Ronald J. Kruszewski, chairman and CEO of Stifel said:

"Combining the depth of Barclays’ franchise and breadth of Stifel’s product offerings, coupled with an entrepreneurial and client – focused culture, will create the premier wealth management platform in the industry today."

Headquartered in Missori, US, Stifel is a financial services holding company that conducts its banking, securities, and financial services business through several wholly owned subsidiaries.

In February 2015, Stifel agreed to acquire Alabama-based Sterne Agee Group for nearly $150m. Sterne Agee comprises around 730 brokers.