Janney Montgomery Scott, a Philadelphia, PA-based full-service wealth management, capital markets, and asset management firm, is to acquire FIG Partners, an Atlanta, GA-based investment banking and research firm.
The amount of the deal was not disclosed. The transaction, expected to close in the second quarter, is Janney’s second investment bank acquisition in less than 12 months, following the addition of HighBank Advisors in May 2018.
The deal enables the firm to reach its goal to be a leader in comprehensive financial advisory services while providing FIG Partners with access to an enhanced platform and geographic reach to continue their growth.
The FIG’s team – including more than 200 capital markets professionals, who provide investment banking, equity, and fixed income expertise to corporate, institutional, and municipal clients – brings expertise within the community bank sector to Janney’s existing financial institutions sector coverage.
The current executive team at FIG Partners – led by CEO Geoffrey Hodgson – will assume new leadership roles at Janney.
FIG Partners currently covers 125 small and mid-size banks and makes markets in 800-plus community bank stocks. Highlights include 43 M&A transactions, totaling approximately $4.6 billion in transaction value, $1.1 billion of equity capital raised, and more than $185 million of debt capital raised since 2017.
Led by Timothy C. Scheve, President and CEO, Janney provides advice to individual, corporate, and institutional clients. Its expertise includes guidance about asset management, corporate and public finance, equity and fixed income investing, equity research, institutional equity and fixed income sales and trading, investment strategy, financial planning, mergers and acquisitions, public and private capital raising, portfolio management, retirement and income planning, and wealth management. It is an independently operated subsidiary of The Penn Mutual Life Insurance Company and is a member of the Financial Industry Regulatory Authority, New York Stock Exchange, and Securities Investor Protection Corporation.