Huntington acquires Janney's public finance unit as Janney exits business
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Huntington acquires Janney's public finance unit as Janney exits business. Just over a year after being acquired by KKR & Co. Inc., Philadelphia-based broker-dealer Janney Montgomery Scott LLC is shuttering its public finance business as part of a takeover by Huntington National Bank. Under the deal, which has not yet closed, Ohio-based Huntington will acquire Janney's public finance unit as well as its merger and acquisition advisory and fixed-income sales and trading businesses. The bank has not formally announced the acquisition, which is expected to close by the end of December or early 2026. Huntington's head of capital markets Matt Milcetich declined to comment on how many offers have gone out to Janney public finance employees. Some employees received offers last week, according to sources. "Waves of offers are going out," Milcetich said. "The deal is still in process, so it's still too early to comment on specifics," he said. "It's a material expansion of our team and our franchise." A Janney spokesperson confirmed the firm is exiting the public finance space. Janney has "made a strategic decision to concentrate our capital and resources on strengthening and expanding our wealth management business, which is our core business generating over 90% of firm revenue," the spokesperson said. The exit follows an eventful 2024 for the Philadelphia broker-dealer...
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Outside of the acquisition, Huntington has hired James Castiglioni, formerly of Citi, as head of financial structuring starting in January, a Huntington spokesperson said.
