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Janney Grabs UBS Rep, Recruits 25 Advisors Year-to-Date

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Janney Montgomery Scott said it recruited an advisor from UBS (UBS) with more than $100 million in assets on Friday. This brings its total number of recruits for the past eight months to 25, many of whom moved to Janney from the wirehouses.

Industry veteran Peter R. Hecht joined Janney’s Mount Laurel, N.J.-based branch office. Also coming to Janney from UBS is Steven Ries, an account executive.

“With over two decades of financial services experience under his belt, Peter is highly regarded in the industry,” said Jerry Lombard (left), president of the firm’s Private Client Group, in a press release. “His unwavering commitment to exceed his clients’ expectations reflects Janney’s core goals and values, and we are excited that he has joined our team.”

On Aug. 20, Janney said it hired Jeff Smith, who used to serve as a non-producing manager of Morgan Stanley Smith Barney’s (MS) branch in Alexandria, Va., as branch manager of Janney’s office in Washington.

As of late August, Janney had 735 employee financial advisors with $54 billion in assets under management. Many of its advisors do business on the East Coast, and the broker-dealer is part of Penn Mutual Life Insurance.

“Hiring Peter [Hecht] further demonstrates our commitment to growth through the addition of top quality and highly driven individuals,” added Lombard. “As the year progresses, we anticipate our growth to continue with the addition of similarly successful advisors.”

Earlier this year, Janney Montgomery Scott said it planned to boost its advisor force by 5% this year, namely by hiring reps with at least $500,000 in annual production and $60 million in assets. It had recruited about 15 advisors by the end of May and aims to pick up another 25 or 30 by December, according to Lombard.

In May, it said that recent hires included reps from Morgan Stanley, Merrill Lynch (BAC), Oppenheimer & Co. (OPY), Stifel Financial (SF), Morgan Keegan (RJF) and Dime Investment Services.

“I’m happy to be working for Janney and I look forward to the exciting opportunities that the firm will provide for my group and my clients,” Hecht said in a statement.


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