KKR, a major private equity firm, announced its acquisition of Janney Montgomery Scott from The Penn Mutual Life Insurance Company. Janney, founded in 1832 and based in Philadelphia, is a prominent wealth management, investment banking, and asset management firm. As reported by Barron's, Janney manages over $150 billion in assets and has a network of more than 900 financial advisors across 135 U.S. offices, offering services such as financial planning, asset allocation, and retirement planning.

After the acquisition, Janney will continue to operate independently as a stand-alone private company, which is expected to close in the fourth quarter. KKR is making this investment primarily through its North America Fund XIII.

KKR has a history of investing in the wealth management sector, including previous investments in RIA consolidators Focus Financial and Beacon Pointe. Following the transaction, KKR plans to support Janney in establishing a broad-based equity ownership program. This initiative aims to provide Janney's 2,300 employees with the opportunity to benefit from ownership, a strategy KKR believes enhances team member engagement and strengthens companies.

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