$700 million firm founded during Depression joins Pennsylvania-based B-D

$700 million firm founded during Depression joins Pennsylvania-based B-D
End of an era: Sweney Cartwright will operate as the Columbus, Ohio, branch office of Boenning & Scattergood Inc.
AUG 05, 2019
Sweney Cartwright, a Columbus, Ohio-based broker-dealer founded in 1933 when Huntington National Bank spun off its securities operations as a result of the Glass-Steagall Act, is shutting down. The firm's nine employees and the $700 million in assets it controls will move to Boenning & Scattergood Inc., a broker-dealer based in West Conshohocken, Pa. Frank Ingwersen, president of Sweney Cartwright, said his firm will operate as a branch of Boenning & Scattergood. (More:​ See more adviser moves in InvestmentNews' Advisers on the Move database) Both firms have deep roots in municipal bond trading and underwriting as well as market-making in community bank stocks. "All nine of us have decided to retire our existing privately held arrangement with the firm, which will no longer exist as a broker-dealer," Mr. Ingwersen said.

Latest News

Carson Group adds $405M Northwestern Mutual team in Atlanta
Carson Group adds $405M Northwestern Mutual team in Atlanta

Yari Capital's move to Carson continues a run of additions for the $62 billion firm, days after it hired a veteran recruiter from Osaic.

Wealth Enhancement inks 'coming home' deal with Oklahoma RIA
Wealth Enhancement inks 'coming home' deal with Oklahoma RIA

Servo Wealth Management's $210 million book brings the Minneapolis consolidator's total client assets further past $160 billion.

Omaha-based RIA Stevens Capital Partners nears $1B, buys Dallas CPA firm
Omaha-based RIA Stevens Capital Partners nears $1B, buys Dallas CPA firm

The deal to acquire a 300-client tax firm sets up much-needed succession for its 80-year-old founder, while joining a widening trend of tax service integration among RIAs.

Most Americans oblivious to Social Security’s projected demise
Most Americans oblivious to Social Security’s projected demise

New Nationwide Retirement Institute survey reveals eight in ten Americans agree Social Security needs fixing and how.

NewEdge advisors reshape client work with AI in weeks after Anthropic rollout
NewEdge advisors reshape client work with AI in weeks after Anthropic rollout

Advisor-led adoption has been rapid for tasks from translating annuity contracts into plain English to speedy webinar prep.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income