Updated at 3:15 p.m.

Stifel Financial Corp., the St. Louis-based financial services giant, is making another acquisition, this time buying the long-established wealth management business of B.C. Ziegler & Co.

Ziegler Wealth Management, founded in 1902 and based in Chicago, has 57 private client advisers in 12 branches across five states that manage approximately $4.8 billion in client assets.

Terms of the transaction, expected to close in the first quarter of 2018, were not disclosed.

Ziegler CEO Tom Paprocki said the sale of the wealth management division allows Ziegler to tighten its focus on institutional offerings — including investment banking, capital markets and fund management — for clients in health care, senior living and education.

"These are capabilities upon which we were founded, and for which today we are nationally recognized,” Paprocki said.

Stifel Chairman and CEO Ronald Kruszewski called the deal “another step” in the company's growth strategy.