KKR has agreed to buy investment bank Janney Montgomery Scott from Penn Mutual Life Insurance.
Janney, which has more than $150 billion in assets under administration and 900 financial advisers, will become a standalone private company after the sale closes.
“We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner,” Tony Miller, Janney’s president, said in a press release.
“KKR has demonstrated they value our client- and adviser-centric culture and share our deep conviction in the tremendous opportunities ahead for our business,” Miller added.
KKR plans to create an equity ownership program for Janney’s employees.
The transaction is expected to close in the fourth quarter.
Ardea Partners, Kirkland & Ellis and Simpson Thacher & Bartlett advised KKR. WilmerHale advised Penn Mutual.