West Conshohocken-based Boenning & Scattergood has divested its public finance group, with the equity capital markets group set to follow soon, writes Jeff Blumenthal for the Philadelphia Business Journal. 

This is part of a major realignment to refocus on the 108-year-old firm’s wealth management roots. Boenning & Scattergood is also planning to sell its brokerage unit. 

According to Chairman and CEO Harold Scattergood Jr.—son of Harold Scattergood Sr. who joined the firm in 1935 and had his name added to the door in 1969—these moves will position the firm to continue to grow on the wealth management side which already has around $5 billion in assets under management. 

“I believe that to continue to grow, we must identify what we are most passionate about as a firm and focus our energy there,” said Scattergood. “For me, that passion is around serving our private client group-wealth management relationships and continuing to exceed their expectations.” 

A likely buyer for the brokerage unit could be LPL Financial Holdings, headquartered in San Diego, which is considered to be the nation’s largest independent broker-dealer with over 17,000 financial advisors across the country. 

Read more about Boenning & Scattergood in the Philadelphia Business Journal.