(Reuters) - Philadelphia-based brokerage Janney Montgomery Scott LLC said Tuesday it has expanded its presence in South Carolina with the hiring of a veteran adviser team from Stephens Inc.
W.G. Simms Oliphant Jr., a 34-year industry veteran, and Christopher Smith, a 17-year veteran, have joined Janney as senior vice presidents of wealth management in the firm's Columbia, South Carolina, office, Janney said.
The team managed about $155 million in client assets at Stephens and produced over $1.5 million in annual revenue for the firm. Arkansas-based Stephens Inc. declined to comment on the move. Oliphant and Smith could not be reached for comment.
Oliphant and Smith previously worked for Legg Mason, which later merged with Citigroup Inc., according to regulatory filings. Part of the lure to Janney for Oliphant and Smith was that Chief Executive Timothy Scheve, among other Janney employees, formerly worked for Legg Mason, said Andrew Kistler, southeast regional manager for Janney.
Janney, which is owned by the Penn Mutual Life Insurance Co., has 735 advisers, who are primarily based on the East Coast and manage more than $58 billion in client assets.
Oliphant and Smith were attracted to Janney because it is a regional, privately held company with strong technological capabilities, Kistler said.
(Reporting by Jennifer Hoyt Cummings; Editing by Dan Grebler)
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