Equitable to Acquire Penn Investment Advisors


September 14, 2022

On August 17, 2022, Equitable announced an agreement to acquire Penn Investment Advisors, Inc.

Under the terms of the agreement, Equitable will acquire Penn Investment Advisors, Inc. (“PIA”). Upon completion of the deal, which is expected to close in the fourth quarter of 2022, PIA’s team of financial advisors will join Equitable, as will PIA president Christian Wagner and chief operating officer Sean Schmid. The new venture will be helmed by David Fleisher, currently co-head of the Philadelphia market for Equitable. Financial terms were not disclosed.

Equitable, based in New York, is a financial services firm associated with Equitable Holdings, Inc. (NYSE: EQH). Equitable’s wealth management division, Equitable Advisors, LLC, had $70.8 billion in assets under administration as of June 30, 2022.

PIA, based in Bucks County, Pennsylvania, is a registered investment adviser and a subsidiary of Penn Community Bank. PIA has $600 million in assets under administration.

To read the press release, please click here.

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