Private-equity shop KKR has agreed to purchase Janney Montgomery Scott from The Penn Mutual Life Insurance Company. After the deal closes, Janney will operate as a stand-alone private company. The Philadelphia-based regional brokerage firm, which traces its roots to 1832, has more than 900 financial advisors. KKR is among the private-equity players that have been drawn to invest in the wealth management industry in recent years.
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