Global private investment firm KKR is to acquire Janney Montgomery Scott, a wealth management, investment banking and asset management firm with over $150bn in assets under administration, from The Penn Mutual Life Insurance Company.
Tracing its roots to 1832, Janney’s more than 900 financial advisors provide financial planning, asset allocation, retirement planning and other financial advice and services to clients from 135 offices across the US.
Following completion of the transaction, Janney will become a standalone private company that will continue to operate independently.
According to a press statement, KKR will support Janney in creating a broad-based equity ownership programme to provide all of the company’s 2,300 employees the opportunity to participate in the benefits of ownership after the transaction closes.
The acquisition, which is being made primarily through KKR’s North America Fund XIII, is expected to close in Q4 2024, subject to customary closing conditions and regulatory approvals.
Ardea Partners, Kirkland & Ellis and Simpson Thacher & Bartlett advised KKR, while WilmerHale advised Penn Mutual.
