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- Date Announced
- Seller AUM
- Pennsylvania Trust (Penn Mutual Life Insurance Company)
- Management led by Richardson T. Merriman and George McFarland
- Wealth Management Firms
- January 3, 2011
- $1.7 Billion
Pennsylvania Trust was founded by Merriman in 1986, and became a wholly-owned subsidiary of Penn Mutual in 1991. Since that time, Pennsylvania Trust has consistently grown its assets under management and client relationships. Pennsylvania Trust currently manages approximately $1.7 billion in client assets.
Penn Mutual is a diverse mutual life insurance company committed to helping families unlock life’s possibilities through life insurance and annuity solutions through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Penn Mutual also owns Janney, Montgomery Scott, a leading secuties and investment banking firm.
The Penn Mutual Life Insurance Company today announced that Pennsylvania Trust Company's executive officers under the leadership of Richardson T. Merriman, President & Chief Executive Officer, and George C. McFarland, Jr., Senior Vice President, have made application to the Secretary of Banking of the Commonwealth of Pennsylvania for permission to purchase Pennsylvania Trust, a wholly-owned wealth advisory subsidiary of Penn Mutual.
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