ON THE MOVE-Janney lands veteran adviser from Merrill Lynch

Tue Feb 26, 2013 11:33am EST

Feb 26 (Reuters) - Janney Montgomery Scott LLC said on Tuesday it hired a veteran adviser from Bank of America Corp's Merrill Lynch, expanding the firm's adviser force in North Carolina.

David Grice, who was worked in the advising industry for 25 years, joined Janney last week from Merrill, where he managed more than $100 million in client assets. He was previously a senior vice president at Merrill, based in the firm's Hendersonville office.

Former Merrill advisers Peter Shanahan, Dwayne Powell and Deane Gauthier also recently left the Hendersonville office to join Hilliard Lyons.

Bank of America did not immediately return a request for comment on the departures.

Grice joined Janney as an executive vice president and branch manager, establishing the Grice Financial Group with his team. Grice had been at Merrill since 2008, and was previously with Citigroup Inc.

With the addition of Grice, Janney has opened a new branch office in Hendersonville and another satellite office in Asheville.

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 told Reuters earlier this month.

Lombard said he expects to add about 60 advisers in 2013.

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.