ON THE MOVE-Janney hires Morgan Stanley adviser team in Maryland

June 18 Tue Jun 18, 2013 9:59am EDT

June 18 (Reuters) - Philadelphia-based brokerage Janney Montgomery Scott LLC has hired a team of veteran advisers from Morgan Stanley Wealth Management to join its private client group in Maryland, Janney said on Tuesday.

Advisers Alfred DeRenzis and Scott Ford joined Janney in late May from Morgan Stanley, where they managed $159 million in client assets and had annual revenue production of more than $1.2 million.

DeRenzis, who has worked in the advising industry for 32 years, joined Janney as a senior vice president. Ford, a 26-year industry veteran, joined Janney as a first vice president. They were joined by registered private client assistant Karen Seipp, also from Morgan Stanley.

The team joined Janney's new Westminster, Maryland, office, a satellite of the Baltimore branch.

Morgan Stanley Wealth Management, formed in the merger of Morgan Stanley's wealth unit and Citigroup's Smith Barney, is the larges U.S. brokerage by client assets and adviser headcount.

Morgan Stanley declined to comment on the adviser departures.

Janney also said on Tuesday that it hired Greg Torretta from Ameriprise Financial Inc to join its private client group as a senior vice president and branch manager of the firm's Fort Lauderdale, Florida, office.

Ameriprise declined to comment on Torretta's departure.

Janney, owned by Penn Mutual Life Insurance Co, has 735 advisers, who are primarily based on the East Coast and manage more than $58 billion in client assets.