David Penn to oversee firm's private-client operations plus Parker/Hunter. Janney Montgomery Scott has hired former Legg Mason executive David Penn as director of wealth-management services. This puts him in charge of the regional broker-dealer's retail brokerage business (including Janney Consulting Group) and its asset-management affiliate Parker/Hunter.

No relation

"David's track record speaks for itself," says Janney's CEO Tim Scheve. "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."

Scheve and Penn worked together at Baltimore-based Legg Mason or its affiliates for more than two decades. Scheve wound up as Legg Mason's executive v.p.; Penn was in charge of Legg Mason's separately managed accounts, the firm's Global Asset Allocation accounts and Parker/Hunter before leaving the firm for a 15-month stint at Smith Barney (then part of Citigroup; now part of a retail-brokerage joint venture with Morgan Stanley). Penn returned to Legg Mason early in 2007.

Philadelphia-based Janney, a subsidiary of the insurance company Penn Mutual, has about 100 private-client offices, mainly in the mid-Atlantic region of the eastern U.S. -FWR

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