KBW (named after founders Harry Keefe Jr., Gene Bruyette, and Norbert Woods) is an investment bank for bankers. It provides mergers and acquisition advisory, structured finance, and securities underwriting, sales, and trading services, with a focus on small and midcap firms in the financial services industry. Clients include banks, insurance companies, brokerages, asset managers, consumer and specialty finance companies, transaction processors, securities exchanges, and real estate investment trusts (REITs). The company also conducts research on about 700 financial institutions, including more than 200 European and Asian entities. KBW is a subsidiary of Stifel Financial.