May 20, 2013

Janney Nabs Morgan Stanley Team in Delaware

The advisors join with about $195 million in assets and $1.5 million in yearly fees and commissions

Janney Montgomery Scott said Monday that it recruited a team from Morgan Stanley (MS)  led by Randall Renneisen to join its office in Greenville, Del.

Randall RenneisenRenneisen (left), a 30-year industry veteran, is forming the Renneisen Group, which should have about $195 million in client assets and $1.5 million in annual production. It will include advisor Robert Fischer and assistant Susan McDermott.

“Randy is a highly respected advisor in the Mid-Atlantic region and we are pleased to welcome the Renneisen Group to the Janney team,” said Jerry Lombard, president of the firm’s Private Client Group, in a statement.

“They have a significant presence in the Delaware market, and the depth and breadth of the group’s knowledge and experience will further strengthen our Greenville office and enhance our ability to deliver top quality financial service and advice to more clients within our existing footprint,” Lombard said.

Renneisen spent the past four years at Morgan Stanley and previously was with Citigroup (C) Global Markets (2006-2009). Earlier in his career, the advisor worked with Legg Mason (1988- 2006), after starting his career in 1984 at Renneisen, Renneisen & Redfield.

Janney, which is based in Philadelphia, has 744 advisors and some $58 billion in assets under management.

“Top-tier advisors continue to view Janney as an attractive alternative to larger firms because of our client-centric philosophy and flexible environment,” Lombard said. “I am optimistic that we will be welcoming additional top financial advisor talent to our firm in the weeks and months ahead.”

Last week, Baird recruited the Liles Group from Morgan Stanley in Nashville with about $585 million in assets. It includes the father-son team of Malcolm and William Liles.

In early May, Morgan Stanley grabbed an advisor from Stifel Nicolaus (SF) in Jackson, Tenn., and a rep in Mount Kisco, N.Y., from Wells Fargo (WFC).

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