David S. Penn has joined Janney Montgomery Scott as evp in charge of wealth management, after leaving a job as head of affiliate relations at rival Legg Mason. Penn, a Drexel-trained CPA and Wharton MBA with 25 years in the securities business, followed his old boss, Timothy C. Scheve, from Baltimore to Philadelphia: Scheve left Legg to take Janney's top post when Jim Wolitarsky retired from Janney last year.
We hear Janney also hopes to land some Wall Street names to its New York office. Janney's marketing itself to those pros as a relatively stable firm, owned by Philadelphia's Penn Mutual insurance company, compared to the bank-owned, taxpayer-subsidized firms (Morgan Stanley, Goldman, Merrill, SmithBarney), where compensation is restricted under federal TARP program guidelines. Now all Janney needs is enough new business to pay for the hires.