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July 23, 2024 at 05:35 PM
The investment management and insurance firm KKR has entered into an agreement with Penn Mutual Life Insurance to acquire its subsidiary wealth management firm Janney Montgomery Scott.
The purchase of the wealth management and capital markets firm will be undertaken by a number of investment funds managed by KKR, according to the announcement, led by its North America Fund XIII.
Tracing its roots to 1832, Janney’s wealth management, investment banking and asset management teams support over $150 billion in assets under administration, according to the announcement. The firm works with about 900 financial advisors across 135 offices in the U.S.
It added 12 advisors with about $2.2 in combined assets in the first six months of 2024. The advisors joined from Fidelity, Steward Partners, Osaic, Merrill Lynch, Raymond James, Wells Fargo, Citizens Wealth Management, Baird and Truist.
In addition, the firm opened a new branch office in Bethesda, Maryland, and announced the addition of Tom Galvin as Senior Vice President and Complex Director to lead Janney’s growth in the Northern Florida market.
Following the approval and close of the transaction, which is expected in the final quarter of 2024, Janney will become a standalone private company that will continue to operate independently.
“We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner,” said Tony Miller, president of Janney. “We look forward to working with KKR to invest further in our growth and enable our talented team to further improve the advice and services we offer our clients.”
