Feb 15 Janney Montgomery Scott LLC said on Friday it hired a veteran adviser from UBS AG's U.S. brokerage, expanding the firm's footprint in North Carolina.
John Kline, who has worked in the advising industry for two decades, joined Janney's Raleigh office in early February after eight years at UBS Wealth Management Americas. Kline, who had been a senior vice president at UBS, managed $180 million in client assets at the firm.
Philadelphia-based Janney made a string of veteran hires last year, with roughly 80 percent coming from the top four U.S. brokerages, Private Client Group President Jerry Lombard said.
"In John's case, he wanted to be with a firm that was not always in the headlines," Lombard said in an interview. Negative news reports about major Wall Street companies have been a source of frustration for some veteran advisers there.
The result has been more adviser interest in smaller regional firms.
"We're small enough that there's an intimacy between management and the financial adviser," Lombard said.
UBS confirmed Kline's departure but declined to comment further.
Kline, who was named to Barron's list of top financial advisers in 2009, started his career at Salomon Smith Barney.
He joined Janney as an executive vice president and was accompanied by his two associates, Joshua Brien and Nicole Apen, who together formed the Kline Management Group with him.
Janney last year hired industry veteran Andrew Kistler from Stifel Nicolaus to expand the firm's presence in the southeastern region, which includes the Raleigh office.
Janney, which is owned by the Penn Mutual Life Insurance Co , has roughly 750 advisers in its private client group, primarily based on the East Coast.
Lombard said he expects to add about 60 advisers in 2013.