Stifel Financial Corp. said today that it plans to buy back all auction rate securities (ARS) held by its 1,200 retail investors, who purchased the securities before the ARS market collapsed in February last year.    Stifel said it will start buying back these securities in June. It added that  in the next three years, its subsidiary, Stifel Nicolaus & Co., will offer to purchase all the ARS held at by the firm.

Stifel originally announced last Feb. 11 a voluntary plan where it intended to buy back up only 10% or $25,000 of ARS held by all  of its retail clients who bought the ARS from Stifel.

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