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ON THE MOVE-Janney hires Morgan Stanley broker team, SE manager

Wednesday, 3 Oct 2012 | 12:34 AM ET

By Ashley Lau

Oct 3 (Reuters) - Janney Montgomery Scott LLC has landed a veteran team of brokers from Morgan Stanley Wealth Management and hired a new director in the U.S. Southeast as the brokerage looks to expand its adviser footprint in the region.

Senior advisers E.H. "Chip" Stanley Jr. and Geddings H. Crawford Jr., who managed $220 million with their team, moved to Janney last week from Morgan Stanley Wealth Management, the brokerage majority-owned by Morgan Stanley .

Both Stanley and Crawford joined the firm as senior vice presidents of wealth management, leading the Palmetto Advisory Group, which also includes advisers Linda Fraser, Geoffery Forsyth and Carolee McKeown and private client assistant Henry Batts.

The group is based out of Janney's Columbia and Hilton Head branches in South Carolina.

Philadelphia-based Janney also hired industry veteran Andrew Kistler as a senior vice president and regional manager of Janney's southeast region, which includes offices in Atlanta; Charlotte and Raleigh in North Carolina; and Spartanburg and Aiken in South Carolina, in addition to Columbia and Hilton Head.

Kistler, a three-decade industry veteran, was most recently a southeast regional director at Stifel Nicolaus and also worked at Merrill Lynch and Citigroup earlier in his career, according to regulatory filings.

Many of Janney's biggest hires so far this year have come from major Wall Street brokerages, including Morgan Stanley Wealth Management, Bank of America's Merrill Lynch and Wells Fargo Advisors. Those advisers joining Janney managed more than $1.4 billion at their old firms, based on broker moves tracked by Reuters.

Janney's Private Client Group President Jerry Lombard said in an interview in August that the top-level hires have boosted expectations that 2012 will be the best recruiting year for the firm in terms of average production of advisers joining the firm.

Janney, owned by the Penn Mutual Life Insurance Co , expects to add about 40 advisers to its private client group by year-end. That group has about 730 advisers.

(Reporting by Ashley Lau in New York; Editing by Jeffrey Benkoe)

((Ashley.Lau@thomsonreuters.com)(+1 646 223 5964)(Reuters Messaging: ashley.lau.reuters.com@reuters.net)(Twitter @ReutersMoves))

Keywords: JANNEY/

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