KKR to Acquire Janney Montgomery Scott from Penn Mutual
KKR, a leading global investment firm, has signed a definitive agreement to acquire Janney Montgomery Scott from The Penn Mutual Life Insurance Company. Janney, a wealth management, investment banking, and asset management firm with over $150 billion in assets under administration, will become a standalone private company after the transaction closes.
Key points:
- Janney has 900+ financial advisors across 135 U.S. offices
- KKR plans to create a broad-based equity ownership program for Janney's 2,300 employees
- The transaction is expected to close in Q4 2024
- KKR is investing primarily through its North America Fund XIII
This acquisition positions KKR to capitalize on the growing U.S. wealth management market while maintaining Janney's client-centric culture and growth-oriented mindset.
KKR, una delle principali società di investimento globale, ha firmato un accordo definitivo per acquisire Janney Montgomery Scott dalla Penn Mutual Life Insurance Company. Janney, una società di gestione del patrimonio, investment banking e gestione degli asset con oltre 150 miliardi di dollari in beni gestiti, diventerà un'azienda privata indipendente dopo la conclusione della transazione.
Punti chiave:
- Janney conta più di 900 consulenti finanziari distribuiti in 135 uffici negli Stati Uniti
- KKR prevede di creare un ampio programma di proprietà azionaria per i 2.300 dipendenti di Janney
- Si prevede che la transazione si concluda nel quarto trimestre del 2024
- KKR investirà principalmente attraverso il suo North America Fund XIII
Questa acquisizione posiziona KKR per capitalizzare sul crescente mercato della gestione patrimoniale negli Stati Uniti, mantenendo al contempo la cultura orientata al cliente e la mentalità orientata alla crescita di Janney.
KKR, una de las principales firmas de inversión global, ha firmado un acuerdo definitivo para adquirir Janney Montgomery Scott de The Penn Mutual Life Insurance Company. Janney, una empresa de gestión de patrimonio, banca de inversión y gestión de activos con más de 150 mil millones de dólares en activos bajo administración, se convertirá en una empresa privada independiente después del cierre de la transacción.
Puntos clave:
- Janney cuenta con más de 900 asesores financieros en 135 oficinas en EE. UU.
- KKR planea crear un amplio programa de propiedad de acciones para los 2,300 empleados de Janney
- Se espera que la transacción se cierre en el cuarto trimestre de 2024
- KKR está invirtiendo principalmente a través de su Fondo de América del Norte XIII
Esta adquisición posiciona a KKR para capitalizar el creciente mercado de gestión de patrimonio en EE. UU. mientras mantiene la cultura centrada en el cliente y la mentalidad orientada al crecimiento de Janney.
KKR, 세계적인 투자 회사 중 하나가 Janney Montgomery Scott를 Penn Mutual Life Insurance Company로부터 인수하기로 확정 계약을 체결했습니다. Janney는 1500억 달러 이상의 자산을 관리하는 자산 관리, 투자 은행 및 자산 관리 회사로, 거래가 완료된 후 독립적인 민간 회사가 될 것입니다.
주요 사항:
- Janney에는 미국 135개 사무소에 900명 이상의 재무 상담사가 있습니다.
- KKR은 Janney의 2,300명 직원들을 위한 광범위한 주식 소유 프로그램을 만들 계획입니다.
- 이 거래는 2024년 4분기에 완료될 것으로 예상됩니다.
- KKR은 주로 North America Fund XIII를 통해 투자하고 있습니다.
이번 인수는 KKR이 고객 중심의 문화와 성장 지향적인 사고방식을 유지하면서 미국의 성장하는 자산 관리 시장을 활용할 수 있도록 하고 있습니다.
KKR, une société d'investissement mondiale de premier plan, a signé un accord définitif pour acquérir Janney Montgomery Scott auprès de la Penn Mutual Life Insurance Company. Janney, une société de gestion de patrimoine, de banque d'investissement et de gestion d'actifs avec plus de 150 milliards de dollars d'actifs sous administration, deviendra une entreprise privée autonome après la conclusion de la transaction.
Points clés :
- Janney compte plus de 900 conseillers financiers dans 135 bureaux aux États-Unis
- KKR prévoit de créer un programme de propriété d'actions pour les 2 300 employés de Janney
- La transaction devrait se clôturer au quatrième trimestre 2024
- KKR investit principalement par le biais de son North America Fund XIII
Cette acquisition permet à KKR de tirer parti du marché croissant de la gestion de patrimoine aux États-Unis tout en préservant la culture centrée sur le client et l'état d'esprit axé sur la croissance de Janney.
KKR, eine führende globale Investmentfirma, hat eine definitive Vereinbarung zur Übernahme von Janney Montgomery Scott von der Penn Mutual Life Insurance Company unterzeichnet. Janney, ein Unternehmen für Vermögensverwaltung, Investmentbanking und Asset Management mit über 150 Milliarden Dollar an verwalteten Vermögen, wird nach Abschluss der Transaktion ein eigenständiges Privatunternehmen werden.
Wichtige Punkte:
- Janney hat mehr als 900 Finanzberater in 135 Büros in den USA
- KKR plant, ein umfassendes Eigenkapitalbeteiligungsprogramm für die 2.300 Mitarbeiter von Janney zu erstellen
- Die Transaktion wird voraussichtlich im vierten Quartal 2024 abgeschlossen
- KKR investiert hauptsächlich über seinen North America Fund XIII
Diese Akquisition positioniert KKR, um vom wachsenden Markt für Vermögensverwaltung in den USA zu profitieren, während Janneys klientenzentrierte Kultur und wachstumsorientierte Denkweise beibehalten wird.
- Acquisition of Janney Montgomery Scott with over $150 billion in assets under administration
- Expansion into the growing U.S. wealth management market
- Planned implementation of broad-based equity ownership program for 2,300 Janney employees
- Janney to maintain operational independence as a standalone private company
- Regulatory approvals still pending for the transaction
- Integration challenges may arise post-acquisition
- Potential short-term financial strain due to acquisition costs
Insights
The acquisition of Janney Montgomery Scott by KKR is a significant move in the wealth management sector. KKR's investment in Janney highlights their confidence in the growth potential of the U.S. wealth management market. This acquisition could unlock new opportunities for Janney due to KKR's extensive resources and network. The fact that Janney will continue to operate independently while having the backing of a major investment firm suggests a potential for substantial growth and stability. For retail investors, this could mean a stronger future performance for Janney and by extension, the possibility of increased returns. Furthermore, KKR's strategy to implement a broad-based equity ownership program for Janney's employees could drive higher engagement and productivity, enhancing the company's overall performance.
From a market research perspective, the acquisition of Janney by KKR is poised to make waves in the wealth management industry. Janney's strong reputation and substantial asset base combined with KKR's strategic backing could lead to significant market share gains. The move also reflects broader trends in the market towards consolidation and the importance of scale in wealth management. Retail investors should watch how this acquisition influences competitive dynamics in the sector. The market may see increased activities and possibly more mergers and acquisitions as firms seek to bolster their capabilities and client offerings. This acquisition also signals confidence in the robustness of the U.S. wealth management market.
The legal aspects of this acquisition are noteworthy, especially considering the involvement of high-profile legal advisors like Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP. The transaction is subject to customary closing conditions and regulatory approvals, which indicates that while the deal is promising, it is not yet finalized. Retail investors should be aware that any regulatory hurdles or delays could impact the anticipated benefits of this acquisition. Additionally, the implementation of an equity ownership program is a complex legal undertaking that requires meticulous execution to comply with employment and securities laws. The involvement of top-tier legal firms suggests that KKR is taking all necessary steps to ensure compliance and smooth integration, which bodes well for the success of the acquisition.
Tracing its roots to 1832, Janney is a leading wealth management, investment banking and asset management firm. Janney has over
Following the close of the transaction, Janney will become a standalone private company that will continue to operate independently.
“We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner. KKR has demonstrated they value our client- and advisor-centric culture and share our deep conviction in the tremendous opportunities ahead for our business,” said Tony Miller, President at Janney. “We look forward to working with KKR to invest further in our growth and enable our talented team to further improve the advice and services we offer our clients.”
“Janney’s well-respected brand, client-centric culture and strong track record of growth have established it as a best-in-class business that we believe is well-positioned to benefit from the significant tailwinds driving demand in the
“We have long admired Janney for its high-quality business, growth-oriented mindset and dedication to customer success,” said Simon Greene, a Director at KKR. “We look forward to helping Janney’s talented team leverage the company’s strong foundations to reach even greater heights.”
“This is a great outcome for both Janney and Penn Mutual,” said Dave O’Malley, Chairman, President & Chief Executive Officer at Penn Mutual. “Janney has been a strong investment for Penn Mutual’s general account for the last 40 years. We have been good stewards and are looking forward to watching Janney’s next chapter of growth.”
KKR will support Janney in creating a broad-based equity ownership program to provide all of the company’s 2,300 employees the opportunity to participate in the benefits of ownership after the transaction closes. This strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, more than 50 KKR portfolio companies have awarded billions of dollars of total equity value to over 100,000 non-senior management employees.
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2024.
KKR is making its investment in Janney primarily through its North America Fund XIII.
Ardea Partners served as financial advisor and Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP served as legal advisors to KKR. WilmerHale served as legal advisor to Penn Mutual.
About Janney Montgomery Scott LLC
Janney is a leading full-service wealth management, capital markets, and asset management firm dedicated to putting client needs first. We are committed to providing individuals, families, businesses, and institutions with tailored financial advice to help reach their personal or business goals. We focus on building strong relationships, supported by a foundation of trust and performance. With a history of strength and stability, an ability to execute, and a culture of service and collaboration, we continue to deliver on our mission of offering the highest standard of success in financial relationships. Janney is a wholly-owned, independently operated subsidiary of The Penn Mutual Life Insurance Company, a member of the Financial Industry Regulatory Authority, the New York Stock Exchange, and Securities Investor Protection Corporation. Additional company information is available at www.janney.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing worldclass people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
About The Penn Mutual Life Insurance Company
For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723034699/en/
Media Contacts
For KKR
Julia Kosygina and Emily Cummings
(212) 750-8300
media@kkr.com
For Janney Montgomery Scott
Bradd DelMuto
(215) 665-6595
corporatecommunications@janney.com
For Penn Mutual
Stephanie Kensy
Penn Mutual
215-956-8337
corporatecommunications@pennmutual.com
Source: KKR
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