Kirkland & Ellis advised global investment firm KKR on the acquisition of wealth management, investment banking and asset management firm Janney Montgomery Scott LLC from The Penn Mutual Life Insurance Company. Tracing its roots to 1832, Janney has over $150 billion in assets under administration, with more than 900 financial advisors providing financial planning, asset allocation, retirement planning and other financial advice and services. The transaction is expected to close in the fourth quarter of 2024 subject to customary closing conditions and regulatory approvals. KKR is making its investment in Janney primarily through its North America Fund XIII.