Janney Montgomery Scott has named a new Director of Equities Research in its latest move to increase the resources and capabilities of its equities business.

The firm has hired 16 equity professionals since the first quarter of 2013 and expects that the appointment of industry veteran Andrew Maddaloni to the position will add to that momentum and help strengthen the equity research offerings for the Private Client Group.

“Additionally, his understanding of the needs of retail clients for a quality research product will allow him to further enhance the partnership we have with Janney’s Private Client Group and our firm’s retail clients,” the head of Janney Equity Capital Markets, Greg Voetsch, said in a statement.

Maddaloni will replace Gary Schatz, who left Janney to pursue other opportunities after holding the position since 2008. Schatz was unable to offer comment by press time.

A 15-year industry veteran, Maddaloni had been a managing director and head of project management at Janney Capital Markets since fall of 2012. Prior to that role, he was an analyst and portfolio manager at Friess Associates and held an equity research sales position at Banc of America Securities, an investment banking subsidiary of Bank of America Merrill Lynch that merged with the firm in 2008.

 “Andrew will work to build upon an already strong research product and support the alignment between sales, sales trading and research in our ongoing effort to provide superior service and execution capabilities for our clients,” Voetsch said.