Siebert to Acquire O’Neil Retail Accounts

Siebert Financial Corp. said its investment banking group will acquire the retail brokerage accounts of a unit of William O’Neil & Co. for an undisclosed cash amount. New York-based Muriel Siebert & Co. will acquire the accounts of customers who agree to the transfer, to expand its California business, said Chairwoman Muriel Siebert. She wouldn’t say how many will be acquired. O’Neil’s owner, William O’Neil, also owns Investor’s Business Daily. The closely held company is based in Los Angeles. Account holders can decline to switch, Siebert said, “but we’re offering them cheaper rates and more services. They probably will come.”