Boenning & Scattergood, one of the last of the full-service Philadelphia-area investment firms, said Friday it has completed its deal to beWhile 40 Boenning financial advisers, and their clients with $5 billion in investment or trading assets, are joining LPL, a team of 20 investment banking professionals are heading instead to Philadelphia-based, an arm of Montgomery County-based Penn Mutual Life Insurance Co.
His new boss, Janney investment banking chief Matt Veneri, called it “a strong cultural fit,” and said the new hires raise Janney’s Capital Markets team to more than 200 people. The decision to sell was made earlier this year by Boenning & Scattergood’s controlling owner, Harold Scattergood Jr., 74, after he determined his children would not be taking over the business, according to company insiders. Scattergood didn’t return calls seeking comment.
Scattergood had also said the firm’s private-investments advisory business, 1914 Advisory, and its brokerage arm would continue to bear the Boenning & Scattergood name, even if that part of the company were to combine with another firm — as has now happened with LPL.
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