Global investment firm KKR has announced the signing of a definitive agreement to acquire Janney Montgomery Scott LLC from The Penn Mutual Life Insurance Company. The acquisition will be executed through investment funds managed by KKR, according to a press release, marking a significant shift for Janney, a wealth management and investment banking firm.
Janney Montgomery Scott, with a history dating back to 1832, operates as a full-service wealth management, investment banking, and asset management firm. The company manages over $150 billion in assets and employs more than 900 financial advisors across 135 offices in the US. Following the transaction’s completion, Janney will operate as a standalone private entity.
Tony Miller, president of Janney, expressed enthusiasm about the new partnership. “We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner. KKR has demonstrated they value our client- and advisor-centric culture and share our deep conviction in the tremendous opportunities ahead for our business,” Miller said.
KKR views the acquisition as a strategic move to capitalize on the growth potential in the US wealth management market. Chris Harrington, a partner at KKR, said in the release: “Janney’s well-respected brand, client-centric culture, and strong track record of growth have established it as a best-in-class business.”
Simon Greene, a director at KKR, added, “We have long admired Janney for its high-quality business, growth-oriented mindset, and dedication to customer success. We look forward to helping Janney’s talented team leverage the company’s strong foundations to reach even greater heights.”
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to finalize in the fourth quarter of 2024. As part of the agreement, KKR plans to establish a broad-based equity ownership program for Janney’s 2,300 employees, giving them the opportunity to participate in the benefits of ownership after the transaction closes.
“This is a great outcome for both Janney and Penn Mutual,” said Dave O’Malley, chairman, president, and CEO of Penn Mutual. “Janney has been a strong investment for Penn Mutual’s general account for the last 40 years. We have been good stewards and are looking forward to watching Janney’s next chapter of growth.”
Ardea Partners served as financial advisor, while Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP acted as legal advisors to KKR. WilmerHale served as legal advisor to Penn Mutual.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
