Janney poaches $350M team from Merrill
A team managing $350 million in client assets parted ways with Merrill Lynch and joined Janney Montgomery Scott.
The Greenville, Delaware-based Gansler Group is not the first team the regional BD has snagged from Merrill this year.
In the first quarter, Janney added five Merrill advisors to its firms in Goldsboro and Raleigh, North Carolina; Radnor, Pennsylvania, and Atlanta, Georgia. The firm's recruiting efforts have also brought in advisors from other firms. In the second quarter, a team from Stifel Financial joined the firm’s office in Bethlehem, Pennsylvania, and a team from Raymond James joined the Atlanta office in April.
Combined, the three new teams managed over $723 million in client assets, according to the release.
One departing practice managed $100 million in assets.
The Gansler Group is comprised of is comprised of Steve Gansler, Colin Burke, Gregory Powell, Michael Johnson, Katie Bear, Mackenzie Johnson, Morgan Scott and Kevin Phillips.
Before making the move to Janney, Gansler spent the majority of his 18-year career at Merrill, where he was a member of the wirehouse’s Circle of Excellence recognition club.
Burke began his career at Sanford C. Bernstein in 2007 before joining Wells Fargo in 2010, then Merrill in 2014.
Powell joined Merrill after over a decade at Dean Witter and stayed at the wirehouse for 24 years before moving to Janney with the Gansler Group.
Bear had been with Merrill for 14 years, while Johnson and Johnson spent five years and one year, respectively, at the firm.
A spokeswoman for Merrill declined to comment on the team’s departure.