Pennsylvania Business Report
Penn Mutual sells wealth management subsidiary to KKR
The Penn Mutual Life Insurance Company, based in Philadelphia, on Tuesday inked a new agreement under which investment funds managed by global investment firm KKR will acquire Penn Mutual’s wholly-owned subsidiary, Janney Montgomery Scott LLC. “This is a great outcome for both Janney and Penn Mutual,” said Dave O’Malley, chairman, president, and chief executive officer at Penn Mutual. “Janney has been a strong investment for Penn Mutual’s general account for the last 40 years. We ...
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