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One of Wall Street's hottest investment vehicles, unit investment trusts, is lighting fires at St. Louis-based brokerage firms.
A.G. Edwards & Sons Inc. wrapped up a $575 million unit investment trust that went to market Feb. 18. It is planning a similar offering later this spring, said Elaine Lewallen, vice president and manager of the defined portfolios group.
On Feb. 27. Stifel, Nicolaus & Co. completed a $75 million offering. It was the sixth unit investment trust since 1993 put together by Joe Stieven. director of the financial institutions research group at Stifel.
In total, Stifel has raised nearly $175 million with three trusts currently outstanding.
Unit investment trusts (UITs) are investment portfolios made up of securities that …