Janney Montgomery Scott’s director of branch business development, Raymond A. DiGaetano, has jumped to regional investment firm City Securities Corporation based in Indianapolis, Indiana, where he will be heading up the Private Client Group as executive vice president.

Janney, which is based out of Philadelphia, Pa., confirmed the move, but declined to comment further. 

DiGaetano has nearly 30 years of industry experience as an advisor and branch manager and had been head of Parker/Hunter’s Private Client Group before it was acquired by Janney in 2005. He had also served as the Western/Southern regional manager at Janney, according to City Securities Corporation. His former post as director of branch business development has yet to be filled.

According to its CEO, Mike Bosway, City Securities Corporation was using a recruiter out of Chicago to help search for a candidate, but eventually met DiGaetano at a SIFMA rountable group that Bosway and City’s CFO were involved in. Executives were drawn to DiGaetano because of his industry connections, skill in coaching advisors and his ability to recruit high net-worth clientele.

“One [reason was] his experience,” Bosway said in a phone interview. “Two was his demeanor and the fact that we thought he was a very good cultural fit for our organization.”

Bosway described the new hire as “filling a void” in the organization as the firm expands its network of 43 employee advisors who are mostly concentrated in Indiana. DiGaetano’s role will be to help manage the current group of advisors also expand that footprint into other states, according to Bosway.

“It doesn’t matter what business we’re in; you can’t stand still,” he said. “So we will not only be looking to enhance our productivity for our current group of advisors but also looking for advisors who are good cultural fits for us, and I would emphasize that we’re interested in quality not quantity.”