Non-public fairness behemoth KKR on Tuesday agreed to purchase dealer vendor Janney Montgomery Scott from Penn Mutual, including to its bets within the monetary providers trade.
The New York-based personal funding group is making the buyout by its $19bn flagship personal fairness fund.
KKR has beforehand invested in wealth managers Beacon Pointe and Söderberg & Companions.
Chris Harrington, a companion at KKR, stated the agency believed Janney was “well-positioned to profit from the numerous tailwinds driving demand within the US wealth administration market”.
Janney has greater than $150bn in belongings underneath administration and has been owned by Penn Mutual for 40 years. Phrases of the transaction, which is predicted to shut within the fourth quarter, weren’t disclosed.
