A Big Shift in the Financial World: Janney Montgomery's Next Move

Janney Montgomery Scott, a firm owned by KKR & Co. , is making some big changes. They're in talks to sell off parts of their business. Specifically, they're looking to sell their division that advises banks and their institutional equities business. This sale is part of a larger plan to focus more on wealth management. The potential buyer is Brean Capital. This deal isn't final yet, but it's looking likely. The sale includes a team of investment bankers who help banks with mergers, acquisitions, and raising money. It also includes teams in equity research and trading. Why is Janney doing this? They want to simplify their business. Focusing on wealth management makes sense for them. It's a growing area, and they can be more competitive there. This isn't just about selling off parts of the business. It's about making a strategic move. By focusing on wealth management, Janney can better serve their clients and grow their business.