Janney tacks on 2 teams managing $500M
Janney Montgomery Scott nabbed two Merrill Lynch teams managing over $500 million in client assets, adding to an impressive recruiting record in the past 12 months.
Christopher MacPherson and Evan Gilchrest managed $350 million in client assets while at Merrill Lynch. They joined the firm's Glastonbury, Connecticut office. John Hardiman and William Lepping joined the Melville, New York branch. They previously managed $150 million in assets under management.
MacPherson began his career with UBS in 1998 and moved to Merrill in 2008, per FINRA BrokerCheck records. Gilchrest also began his career with UBS, in 2006, before jumping to Merrill in 2008, per BrokerCheck.
Similarly, Hardiman started working at Merrill in 2007 after a stint at UBS beginning in 2002. Lepping began his career with Merrill in 1995, per BrokerCheck.
A Merrill Lynch spokeswoman declined comment on the teams' departure.
Janney has picked up more than 36 new financial advisors this year alone. Three quarters of Janney’s additions in the past 12 months have joined from wirehouses, the firm reports.
Jerry Lombard, president of the private client group at Janney, said the firm is pursuing modest growth in the Southeast.
The regional BD opened offices in Tennessee in August and North Carolina in June — recruiting advisors who managed more than $500 million in client assets.
Janney is aiming for a 7.5% increase in commission revenue for 2018, according to the firm.
“It’s more about quality than quantity,” Lombard said in an interview last month.
The Philadelphia-headquartered firm's business is focused on the East Coast. Janney has $76 billion in client assets.