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Penn Mutual Unit Buys Investment Bank

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NU Online News Service, Feb. 25, 2005, 3:42 p.m. EST

Janney Montgomery Scott L.L.C., Philadelphia, has agreed to acquire Parker/Hunter Inc., Pittsburgh.[@@]

Janney, a regional securities broker-dealer, is a subsidiary of the Penn Mutual Life Insurance Company, Philadelphia.

Parker/Hunter is an investment bank that has 21 branch offices in Ohio, Pennsylvania and West Virginia and more than 130 financial advisors.

The price of the deal was not disclosed, but Janney says it hopes to complete the transaction by the end of the year.

The Philadelphia Inquirer is reporting that some Parker executives may leave to form an independent investment banking firm, Raptor L.L.C. Even the report is true, the acquisition will increase Janney’s presence in the Mid-Atlantic states “significantly,” Janney says.