Echo Financial picks up Janney's higher-ed team

Philadelphia-based financial advisor Echo Financial Products, LLC is expanding into higher education with the hire of six public finance professionals from Janney Montgomery Scott LLC.

The move comes after Janney shuttered its public finance business in December as part of the firm's acquisition by Huntington National Bank.

The Echo team will be led by Mary Jane Darby, managing director and head of the Higher Education and Not-for-Profit Financial Advisory Group.

Also joining the firm from Janney: Rob Kanzer, managing director; Erin Ortiz, managing director; James Still, managing director; Brian Mathews, director; and Emily Wu, associate.

The higher education and non-profits team will be based in Philadelphia and New York and have a national focus, said Darby, who joined Janney in 2018 and before that worked at Prager & Co.

"Our client base is broad and includes private and public colleges and universities, multi-campus systems, academic medical centers, research institutions, liberal arts colleges, and regional public institutions," said Darby in an email. adding the firm also works with non-academic not-for-profit organizations.

The higher education practices comes as the sector has seen some bifurcation, with smaller, private colleges facing strains and larger, higher-profile institutions enjoying strong balance sheets. The team expects institutions will continue to tap both public and private markets to finance capital projects, but Darby said the firm's role extends beyond just debt transactions.

"At a time with mounting uncertainty for the sector, higher education leaders are forced to balance navigating short-term pressure with a long-term view of their institutions," she said. "We believe there is a real opportunity for strategic partners to provide technical analysis and thoughtful advice to help institutions clarify their priorities for capital investment."

Founded in 2007, Echo has been involved in over $9 billion of transactions, according to its website.

Janney's former head of public finance, Vivian Altman, and former head of national infrastructure, Paul Creedon, were among 16 Janney employees who joined Huntington Securities' public finance team as part of the acquisition.