Janney Promotes Four Industry Veterans, Strengthens Leadership Team

PHILADELPHIA–(BUSINESS WIRE)– Today, Janney Montgomery Scott LLC (“Janney”), a leading full-service wealth management, financial services and investment banking firm headquartered in Philadelphia, PA, bolsters its management team with the promotion of four leaders.

Joseph D. Culley, Jr. has been promoted to Head of Capital Markets and will join Janney’s Executive Committee. Formerly, he held the position of Head of Equities and Investment Banking. In this new capacity, Mr. Culley will oversee the firm’s Equities, Fixed Income and Investment Banking operations.

Additionally, Thomas E. Bajus has been promoted to Head of Fixed Income, Andrew M. Maddaloni has been promoted to Head of Equities, and Arlen R. Klinger has been promoted to Head of Private Client Group Trading.

“Our firm’s strength and position in the marketplace is due to talented individuals throughout our business groups,” said Joe Culley. “These moves enhance our ability to execute on current and future growth plans and further align our business groups for the benefit of our clients.”

“We are pleased to elevate our talented professionals to positions where they can drive Janney’s growth to the next level,” said Timothy C. Scheve, Janney’s President and CEO. “Joe, Tom, Andrew and Arlen bring strong track records of success and leadership to our growing team, and we are confident that they’ll continue to expand Janney’s business while delivering the highest value to clients.”

About Janney Montgomery Scott LLC

Janney provides advice to individual, corporate and institutional clients. Our expertise includes guidance about asset management, corporate and public finance, equity and fixed income investing, equity research, institutional equity and fixed income sales and trading, investment strategy, financial planning, mergers and acquisitions, public and private capital raising, portfolio management, retirement and income planning, and wealth management. Janney is an independently-operated subsidiary of The Penn Mutual Life Insurance Company and is a member of the New York Stock Exchange (NYSE), Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). Additional company information is available at www.janney.com or on Twitter at @Janney1832.

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Janney Montgomery Scott LLC

Karen Shakoske, 215-665-4458

Senior Vice President, Head of Marketing & Corporate Communications

kshakoske@janney.com

or

Gregory FCA for Janney

Kelly Forst, 610-228-2396

kellyf@gregoryfca.com

Source: Janney Montgomery Scott LLC