B. Riley Sells Part of Wealth Unit to Stifel Amid Broker Exits

B. Riley Financial Inc. agreed to sell a portion of its wealth-management business to Stifel Financial Corp. for as much as $35 million, the latest in a series of asset deals aimed at stabilizing the money-losing investment firm.

The accord covers 40 to 50 advisers managing about $3.5 billion to $4.5 billion as of Sept. 30, Los Angeles-based B. Riley said in a statement Friday. The company counted about 400 registered financial advisers as of last December, with assets under management of about $25 billion.

Some of B. Riley’s top brokers have defected as the firm’s fortunes eroded and ...