Janney Montgomery Expands Adviser Roster

By Marc Castro

Jun 18, 2013 01:27 PM EDT

A team of advisers from Morgan Stanley Wealth Management has been hired by brokerage firm Janney Montgomery Scott LLC to join the private client group of the Philadelphia based firm in their Maryland offices. 

According to a statement from Janney, the advisers are Alfred DeRenzis and Scott Ford would be joining Janney and they would be joining the firm after managing about US$159 million in client assets and revenues amounting to nearly US$1.2 million. 

DeRenzis would be joining Janney as Senior Vice President and has with him 32 years of advising experience. Ford on the other hand has 26 years of industry history, would be first vice president of Janny. Aside from the two, another Morgan Stanley veteran, registered private client assistant Karen Seipp would be joining the two heavyweights.

Morgan Stanley Wealth Management was a result of the merger between the wealth unit of Morgan Stanley and Smith Barney of Citigroup. It is currently the largest US brokerage in terms of client assets and of adviser headcount.

For its part, Morgan Stanley declined to provide any comment on the departures of its veteran advisers and assistants.

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