Janney Montgomery Scott, a Pennsylvania-based wealth management firm, has reached an agreement to purchase FIG Partners, an investment banking and research firm based in Atlanta, Georgia.
Financial details of the acquisition have not been revealed.
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FIG Partners, which specialises in community banks, has offices in California, Florida, Illinois, New Jersey, North Carolina, and Tennessee.
The acquisition is expected to bolster Janney’s existing financial institutions sector coverage. Currently, FIG Partners covers 125 small and mid-size banks and makes markets in 800-plus community bank stocks.
As per the agreement, FIG Partners’ over 200 professionals, who offer investment banking, equity, and fixed income expertise to corporate and institutional clients, will join Janney Montgomery Scott.
Commenting on the deal, Janney president and CEO Timothy Scheve said: “We are thrilled to add FIG Partners to the Janney team. This is a unique opportunity for two firms with shared values and similar cultures to join together.
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By GlobalData“The acquisition reflects Janney’s goal to be a leader in comprehensive financial advisory services and provides FIG Partners with access to an enhanced platform and geographic reach to continue their growth.”
FIG Partners co-founder and CEO Geoffrey Hodgson said: “This is an opportunity to bring our community bank clients a powerful combination of scale, sophistication, and expertise. As part of Janney, FIG will help clients raise more capital, advise on more deals, and offer more research and insight to investors.”
This is Janney’s second investment bank acquisition in less than one year. In May last year, it acquired Maryland-based HighBank Advisors.
In March 2018, Janney Montgomery Scott also set up its first Michigan branch office in Battle Creek.
