Janney Taps Veteran David S. Penn to Head Wealth Management Services

Former Legg Mason Professional Brings Leadership, Proven Track Record to Growing Firm

PHILADELPHIA--(BUSINESS WIRE)--Janney Montgomery Scott LLC ("Janney"), a leading regional full-service financial services firm, today announced that industry veteran David S. Penn joined the firm as Executive Vice President and Director of Wealth Management Services. The move is the latest in series of high profile hires for Janney as the firm capitalizes on its strong market position to add top-tier talent and build on its recent growth.

“I’ve had the pleasure of knowing and working with David for years and he is exactly the kind of dynamic leader we need as we continue to grow and build for future success”

Mr. Penn, a proven industry veteran with 25 years of diverse and successful financial services experience, joins Janney from Legg Mason where he most recently served as Managing Director and Head of Affiliate Relations. Prior to that position Penn oversaw the firm’s Separately Managed account business, the Global Asset Allocation portfolios and an internal performance reporting group. In addition to overseeing the Wealth Management Services and Parker/Hunter Asset Management business units at Janney, Penn will serve as a member of the firm’s Executive Committee.

“I’ve had the pleasure of knowing and working with David for years and he is exactly the kind of dynamic leader we need as we continue to grow and build for future success,” said Timothy C. Scheve, Janney's President and Chief Executive Officer. “David’s track record speaks for itself. He will be an integral part of our core leadership going forward and I’m excited about the expertise and energy he brings to the table for our business and for our clients.”

Mr. Penn re-joined Legg Mason in May of 2007 after managing the Investment Products area (which included Mutual Funds, Annuities, Insurance, 401k and Alternative Investments) for Smith Barney since 2005. Prior to joining Smith Barney, he served in numerous capacities at Legg Mason for more than 20 years. From 1984 to 1992, he was a member of the firm's equity research department and was responsible for the recommendation of banks, thrifts and diversified financial services companies to retail and institutional investors. In 1992, he moved to the product side of the business, ultimately gaining responsibility for the management and oversight of the firm's Wealth Management group inside of the broker/dealer.

Mr. Penn received his MBA in finance from the Wharton School at the University of Pennsylvania and his undergraduate degree from Drexel University with a B.S. in accounting. He was designated a Certified Public Accountant in 1982, and a Chartered Financial Analyst in 1987. In addition, he serves on several local charitable and religious boards of directors. Penn is a member of the CFA Institute and a past President, Vice President and Board Member of the Baltimore Securities Analysts Society.

About Janney Montgomery Scott LLC:

Established in 1832, Janney Montgomery Scott LLC provides comprehensive financial advice and superior service to individual, corporate and institutional investors. A full-service, financial services firm, Janney is committed to providing our clients advice through a wealth management approach by focusing on the delivery of strategic financial plans that utilize a variety of financial products and services best suited to help meet their financial goals. Janney is equally committed to providing our corporate and institutional clients objective advice for the successful execution of their unique business plans. Janney provides advice and service to clients through a network of professionals in branch offices located along the entire east coast. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the nation, and is a member of the New York Stock Exchange, Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.