Stifel Lands Ex-Merrill Exec to Lead Asset Management

Stifel Financial Corp. is looking to expand the use of its asset management capabilities among financial advisors by hiring Merrill Lynch veteran Launny Steffens to a newly created role as vice chairman of the division.

Steffens will take the role with the St. Louis-based broker/dealer and investment bank from his current position at Spring Mountain Capital, a private investment management firm focused on alternative assets that he co-founded with former McKinsey executive Greg Ho.

As part of the deal, Stifel will acquire Spring Mountain, a New York-based company with over $1 billion in assets under management, along with Ho and other staffers.

Steffens spent about 38 years at Merrill before leaving in 2001. He then held leadership roles in venture capital and commercial real estate investment before launching Spring Mountain.

During his time at Merrill, Steffens had been president of the firm’s consumer markets and chairman of the firm’s U.S. Private Client Group. That division grew from about $200 billion in AUM in 1985 to $1.6 trillion in 2000, according to the announcement.

“Launny Steffens is a legend in our industry,” Ronald J. Kruszewski, Stifel’s chairman and CEO, said in a statement. “His experience, insight, and unmatched relationship network make him an exceptional addition to our firm.”

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Steffens is tasked with expanding Stifel’s financial advisor network while evolving its asset management capabilities and sourcing investment banking opportunities.

In the announcement, Steffens praised Stifel’s culture.

“It reminds me of an earlier era in our business, when firms were more entrepreneurial, client-focused, and advisors truly owned their book of business,” he said. “Stifel has managed to preserve that classic spirit, while still embracing innovation.”

In July, Stifel reported that asset management revenues were up 6% compared to the third quarter of 2024.

Kruszewski reported the firm’s strongest advisor recruiting quarter in 10 years, adding 82 financial advisors.