ST. LOUIS (AP) -- Stifel Financial Corp. said Monday it plans to buy back all auction rate securities held by its retail investors, who bought them prior to the collapse of the ARS market in February 2008.Stifel said it will begin the buyback in June and over the next three years its subsidiary, Stifel Nicolaus & Co., will offer to buy all the ARS held at Stifel.
The company had announced Feb. 11 a voluntary plan in which it planned to buy back up to 10 percent or $25,000 of ARS held by all retail clients who bought them at Stifel. The company said that process should be completed by June 30. After the initial repurchases, the company will begin additional repurchases from eligible investors during each of the next three years to be completed by June 30, 2012.
Employee accounts would not be eligible until the last phase of the retail investor repurchasing is completed.
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