Janney Montgomery Scott, a regional US investment firm based in Philadelphia, has bought Parker/Hunter Inc., an independent wealth manager b...

Janney Montgomery Scott, a regional US investment firm based in Philadelphia, has bought Parker/Hunter Inc., an independent wealth manager based in Pittsburgh. Terms of the deal were not disclosed. Janney Montgomery said in a statement that its private client office in Pittsburgh will be merged into Parker/Hunter's office in the city. Janney has 75 full-service investment offices along the East Coast of the US. The firm is owned by Penn Mutual Life Insurance Co., one of the 15 largest mutual insurance companies in the US. Parker/Hunter, founded in 1902, operates 21 offices in Pennsylvania, Ohio and West Virginia. Founded as Kay, Richards & Co., it adopted the Parker/Hunter name in 1969. Parker/Hunter ranks as Pittsburgh's third largest brokerage with 122 local registered representatives and Parker/Hunter Asset Management, its money management arm, ranks 21st among the Pittsburgh region's largest money management firms, as ranked by assets under management, overseeing $492 million for 434 accounts.