PHILADELPHIA – Janney Montgomery Scott LLC, a leading full-service wealth management, capital markets, and asset management firm announced today that President and Chief Executive Officer, Timothy C. Scheve has transitioned to the role of Chairman of the firm. Janney’s Chief Administrative Officer, Anthony M. (Tony) Miller, has been named interim President of Janney Montgomery Scott. This transition is announced as part of the firm’s execution of a leadership succession plan.
Tim joined Janney in 2007 and has been instrumental in growing its Private Client Group, Wealth Management, and Capital Markets divisions. During his 15-year tenure with Janney, the firm’s total Private Client assets under advisement grew from $49.3 billion to $120.8 billion, average advisor assets under advisement grew from $57.9 million to $142.1 million, the firm added 44 office locations, and revenue increased by 127% with the firm ending 2022 with record revenue of $980.8 million.
Tony joined Janney in 2002 and has held progressive leadership roles, including Director of Internal Audit, Treasurer, and Chief Financial Officer, prior to being named Chief Administrative Officer in 2013 where he has since led the operations, technology, finance, and corporate services divisions. “Janney enters 2023 after a record-setting two years. We are extremely confident about the future and the considerable opportunities for growth ahead. Tim’s legacy of business growth, leading with integrity, and remaining focused on doing what’s right for the client will benefit the firm positively for years to come,” said Tony.
“The Penn Mutual leadership team, the Janney Executive Committee, and the entire Janney organization thank Tim for his leadership and many contributions during his tenure. We congratulate both Tim and Tony on their new roles and have full confidence that their continued leadership, along with that of the balance of the firm’s Executive Committee, will ensure a smooth transition,” said David M. O’Malley, the President and CEO of Janney’s parent company, The Penn Mutual Life Insurance Company. David added, “Penn Mutual remains fully committed to investing in Janney as an integral part of our enterprise wealth management strategy.”
"It has been my honor to serve as the CEO and President of Janney," said Tim. "The company is strong and well-positioned for the future. Tony has demonstrated vast leadership capabilities across multiple functions and has routinely influenced our growth strategies. His many years of industry experience and proven leadership will ensure the firm continues to meet the needs of our clients.”