Press Releases - Penn Mutual

NEW YORK and PHILADELPHIA. – July 23, 2024 – KKR, a leading global investment firm and The Penn Mutual Life Insurance Company (“Penn Mutual”) today announced the signing of a …

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FAQs about Press Releases - Penn Mutual Coupon?

Will KKR buy Janney Montgomery Scott LLC?

NEW YORK & PHILADELPHIA, July 23, 2024 -- (BUSINESS WIRE)--KKR, a leading global investment firm and The Penn Mutual Life Insurance Company ("Penn Mutual") today announced the signing of a definitive agreement under which investment funds managed by KKR will acquire Janney Montgomery Scott LLC ("Janney" or the "Company"). ...

Who owns Janney Montgomery Scott LLC?

Janney manages over $150 billion in assets and employs more than 900 financial advisors across 135 offices in the US. Global investment firm KKR has announced the signing of a definitive agreement to acquire Janney Montgomery Scott LLC from The Penn Mutual Life Insurance Company. ...

Does KKR own Janney & Penn Mutual?

As part of the agreement, KKR plans to establish a broad-based equity ownership program for Janney’s 2,300 employees, giving them the opportunity to participate in the benefits of ownership after the transaction closes. “This is a great outcome for both Janney and Penn Mutual,” said Dave O’Malley, chairman, president, and CEO of Penn Mutual. ...

Does KKR invest in Janney?

KKR is making its investment in Janney primarily through its North America Fund XIII. Ardea Partners served as financial advisor and Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP served as legal advisors to KKR. WilmerHale served as legal advisor to Penn Mutual. ...

Who is Janney Montgomery Scott?

New York-based private equity firm KKR is buying regional broker-dealer Janney Montgomery Scott from The Penn Mutual Life Insurance Company. The deal is expected to close in the fourth quarter, according to the announcement on Tuesday. Financial terms were not disclosed. ...

Is KKR a value-added strategic partner for Janney?

“We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner. KKR has demonstrated they value our client- and advisor-centric culture and share our deep conviction in the tremendous opportunities ahead for our business,” said Tony Miller, President at Janney. ...