Janney Scores Biggest Recruiting Triumph in Three Years
Philadelphia-based brokerage Janney Montgomery Scott picked up its largest recruits in three years on Thursday from Merrill Lynch in Mystic, Conn., the regional firm said.
Known as Seaport Wealth Management, the five-advisor team that oversaw around $800 million in client assets at Merrill and have $4.5 million in trailing-12 production, is comprised of Ken Griffen, Paul Vaida, Royden Grimm, Barry Saluk, and Jared Bloxsom, Janney said.
The hires are the second big Merrill team that Janney has captured for its expansion north into New England, said a spokesman for The Penn Mutual Life Insurance Co. subsidiary.
In October 2013, Janney recruited Merrill’s Capital Wealth Group team of four advisors known as the Capital Wealth Group, who had managed $900 million in assets in West Hartford, Conn. for Merrill.
George Keith, Janney’s Connecticut complex manager, did not return a call for comment.
Janney, which has around 750 brokers concentrated mostly along the east coast has been stepping up its recruiting. In May it promoted Jeff Smith, a branch manager in Washington D.C., to oversee national recruiting with a goal of hiring 50 advisors this year.
Smith declined to comment on the new hires.
The Seaport Group advisors have been with Merrill for at least eight years, according to their BrokerCheck records. Vaida and Griffen, the two senior members, joined Merrill together with Bloxom from Advest in 2005. Merrill purchased the Connecticut regional from AXA SA that year for $400 million.
Grimm joined Merrill in 2007 from UBS, and Saluk from Smith Barney in 2008.
A spokeswoman for Merrill Lynch confirmed the move but declined comment.