KKR, a leading global investment firm, and The Penn Mutual Life Insurance Company announced on July 23, 2024, a definitive agreement for KKR to acquire Janney Montgomery Scott LLC through its investment funds. Founded in 1832, Janney is a prominent wealth management, investment banking, and asset management firm with over $150 billion in assets under administration. The firm has more than 900 financial advisors offering financial planning, asset allocation, and retirement planning services across 135 U.S. offices.
Post-transaction, Janney will become a standalone private company, continuing to operate independently. KKR plans to implement a broad-based equity ownership program for Janney's 2,300 employees, promoting team member engagement through ownership. This approach aligns with KKR's strategy of enhancing company strength through employee ownership, which has been applied to over 50 KKR portfolio companies since 2011. The deal is expected to close in the fourth quarter of 2024, pending customary closing conditions and regulatory approvals.
KKR's investment in Janney will be primarily through its North America Fund XIII. The acquisition aims to leverage Janney's established market position and KKR's investment expertise to drive growth and innovation.
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