Feb 26 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
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
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
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.