Horsham-based Penn Mutual Life Insurance has sold Philadelphia’s largest and oldest securities brokerage Janney Montgomery Scott to the private equity investment firm KKR, writes Joseph N. DiStefano for The Philadelphia Inquirer. 

Janney was founded in 1832 and has been owned by Penn Mutual Life since 1982. 

After the deal closes, Janney “will continue to operate independently” as “a stand-alone private company,” said Janney officials. 

The securities brokerage employs approximately 2,500, with around 900 just in the Philadelphia area alone. It has offices in 22 states and serves 150,000 clients. There are over 900 registered investment advisers among its staff as well as more than 250 investment banking staff who are advising clients with assets totaling more than $146 billion. 

Penn Mutual and KKR announced the deal earlier this week, but they decided not to immediately disclose financial details. 

“This is a great outcome for both Janney and Penn Mutual,” said Penn Mutual chairman and CEO Dave O’Malley. 

According to Janney president Tony Miller, KKR sees “tremendous opportunities ahead for our business” and will “invest further in our growth” to better client services. 

Read more about Penn Mutual Life Insurance in The Philadelphia Inquirer. 

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