June 24, 2013 / 1:01 PM / 4 years ago

ON THE MOVE-Janney hires Wells Fargo adviser in Pennsylvania

June 24 (Reuters) - Philadelphia-based brokerage Janney Montgomery Scott LLC said on Monday it has hired a veteran adviser from Wells Fargo & Co's U.S. brokerage for its private client group in Pennsylvania.

Adviser Neil McCauley, 57, joined Janney from Wells Fargo Advisors, where he managed $98 million in client assets and produced an annual revenue of about $1.1 million.

McCauley, who has worked in the advising industry for three decades, had been with Wells for the past seven years, and earlier in his career had worked at Citigroup and Legg Mason. He joined Janney as a senior vice president, based at the firm's Lancaster branch office.

McCauley was joined by adviser W. Robert Poff and registered private client assistant Cindy Bomberger.

Wells Fargo Advisors, based in St. Louis, is the third-largest U.S. brokerage, owned by Wells Fargo & Co. Wells declined to comment on the adviser departures.

Janney, owned by Penn Mutual Life Insurance Co, has 735 advisers primarily based on the East Coast who manage more than $58 billion in client assets.

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