© 2019 SourceMedia. All rights reserved.

Janney advisors to gain more access to alts through new partnership

Janney-generic-lobby

Advisors at Janney Montgomery Scott are about to get more access to alternative investments for their clients.
The Philadelphia-based brokerage firm has partnered with iCapital Network, a financial technology platform that provides advisors with access to private equity and hedge fund offerings, according to the two firms.

Kevin Reed, head of wealth management at Janney Montgomery Scott, said his firm’s advisors would have a more “diverse menu” of investments as a result of the new partnership.

“The broadening of Janney’s alternatives platform will immediately strengthen our ability to deliver a more comprehensive set of solutions to our clients,” Reed said in a statement.

Janney has roughly 850 advisors, according to the firm. In recent years, the firm has expanded headcount by enticing talent from some of its larger rivals, particularly wirehouse advisors. Among its most recent hires was a Bel Air, Maryland-based team that previously managed $380 million at Wells Fargo.

For iCapital, the deal is the latest expansion of its reach in wealth management. The firm recently inked a similar deal with Charles Schwab, offering RIAs who use the custodian access to its platform. As of Aug. 31, iCapital services more than $41 billion across more than 100,000 underlying accounts, according to the company.

For reprint and licensing requests for this article, click here.