Stifel Research Advisory, LLC

Stifel Research Advisory LLC provides research and market intelligence to sophisticated North American institutional clients, including investment companies and family offices, and does not offer services to retail investors. The firm focuses its research primarily on non‑U.S. securities and disseminates reports prepared by analysts employed by its parent and affiliated companies.

Stifel does not manage or custody client assets and does not provide investment recommendations or portfolio discretion; instead it tailors and delivers research to clients based on ongoing discussions of their investment interests. Compensation is negotiated with each institutional client and paid in hard dollars in arrears for research dissemination rather than through percentage‑of‑AUM or performance‑based fees.

The firm is organized as a subsidiary within the broader Stifel corporate group—having been acquired by Stifel Financial Corp. and reporting as a wholly owned subsidiary of Stifel Europe Limited—and operates alongside affiliated SEC‑registered broker‑dealers (Bryan Garnier Securities, LLC and Stifel, Nicolaus & Company). Noteworthy distinctions include its zero regulatory AUM (it does not manage client assets) and its fee model based on negotiated, case‑by‑case research fees rather than typical asset‑based billing.