Philadelphia-based Janney Montgomery Scott has hired David Penn to head up its wealth management products and services. He will work with Jerry Lombard, president of Janney’s private client group, who will continue to oversee the firm’s 900 financial advisors.

Penn joins Janney from Legg Mason, where he spent most of his 25-year career. During his time at the firm, he oversaw the separately managed account business and the global asset allocation portfolios. Penn started his career in Legg Mason’s equity research department in 1984.

Penn also spent two years at Smith Barney from 2005 to 2007 managing the investment products area, which included mutual funds, annuities, insurance, 401(k) and alternative investments. Penn rejoined Legg Mason in 2007. He replaces Randall Carbone, who joined the firm in October 2006.

“David’s track record speaks for itself. He will be an integral part of our core leadership going forward,” said Timothy Scheve, Janney’s president and chief executive officer in a statement.