Janney Montgomery Scott LLC promoted 17-year industry veteran Kevin Reed to head its wealth management division, part of an effort to expand and enhance the firm's products and services.
Reed, who originally joined Janney in 2007 as head of Janney's municipal markets group, will oversee wealth management at the Philadelphia-based full-service financial services firm, including separately managed accounts, financial planning, mutual funds, insurance, annuities, and retirement solutions utilized by its 725 advisors, the firm said in press release last week.
In conjunction with his promotion, he was also appointed to Janney's Executive Committee.
His "proven track record as a strong leader" makes Reed an asset in his new role, said Tim Scheve, chief executive officer of Janney, in the press release.
Reed assumes his title from David Penn, who held the position since 2009, during which time he upgraded the firm's product offerings, technology, and expertise. Penn vacated the position earlier this month to become a senior vice president and wealth management and financial advisor in Janney's Bryn Mawr, Pa., office, the firm said.
"Kevin has a thorough understanding of the importance of enhancing our robust wealth management products and services platform for the benefit of our FAs and clients, and Janney also retains David Penn as a seasoned industry professional now serving clients directly," Scheve said in the release.
Prior to joining Janney, Reed was responsible for credit research and portfolio management for Radian Group Inc.'s $5 billion fixed income investment portfolio. Before that, he was head of fixed income trading at LPL Financial, and worked at various other firms.
He holds a bachelor's of science degree in finance from the Colorado State University, and a master's of finance degree from Pennsylvania State University's Smeal College of Business.
