Janney Montgomery Scott LLC, Philadelphia, hired Putnam Investments as record keeper of its defined contribution plan, confirmed Patricia Howard, director, retirement services and non-qualified plans.
The plan's previous record keeper was Mercer. An RFP was issued last year for due diligence reasons. Mercer did rebid, according to Ms. Howard.
As of Dec. 31, 2012, the Janney Montgomery Scott LLC Profit Sharing and Savings Plan had $209 million in assets, according to the company's most recent Form 5500 filing.