Stifel Nicolaus's brokerage president Scott McCuaig retires

Mon Apr 11, 2011 12:49pm EDT

* Scott McCuaig leaves after 13 years

* Was president of fast-growing Stifel, Nicolaus brokerage

* Previously ran sales, marketing at Robert W. Baird

By Helen Kearney

NEW YORK, April 11 (Reuters) - Scott McCuaig, president of Stifel Financial Corp's (SF.N) rapidly growing brokerage division, has retired.

McCuaig, 62, joined the St. Louis-based company 1998 as head of Stifel Nicolaus, the firm's private client group, and was elevated to president and co-chief operating officer in 2002.

James Zemylak, chief financial officer of Stifel Financial and the other co-chief operating officer of the retail brokerage unit, will assume responsibility for the private client unit with the new title of director, said Stifel Chief Executive Ron Kruszewski. Zemlyak also will retain his CFO position.

During McCuaig's tenure, Stifel bought 56 Midwestern branches with more than 300 advisers from UBS AG's UBS Wealth Management unit as well as New jersey-based broker-dealer Ryan Beck & Co. and some municipal bond specialty firms.

Stifel Nicolaus ended 2010 with 1,935 financial advisers, including 160 at its Century Financial independent contractor unit.

Prior to joining Stifel, McCuaig was the director of marketing and a member of the board of directors at Milwaukee-based Robert W. Baird & Co. He has also been an active member of the Securities Industry and Financial Markets Association's private client and marketing division.

McCuaig also retired on April 1 as a director of Stifel Financial, the company announced late last week.

The parent company last April expanded its investment banking business by purchasing San Francisco-based Thomas Weisel Partners Group for $300 million.

(Reporting by Helen Kearney, editing by Jed Horowitz)

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