Janney Montgomery Scott will add five people to its fixed income team, including a former MBS trader from LPL Financial, the firm announced Thursday. 

Dan Herbst will serve as a retail mortgage trader in the company’s Philadelphia office. Herbst will join the current retail trading team in the servicing of the taxable fixed income needs of Janney’s private client group. He joins the firm from LPL Financial, where he served as senior MBS trader.

Brian Doherty will join Janney in institutional taxable sales. Doherty has served as vice president of fixed income and sales at Raymond James and Associates, Daiwa Securities America, and Spear, Leeds, and Kellogg (a subsidiary of Goldman Sachs). He will be working from Janney’s Boston office.

Wayne Wales will join Janney’s institutional taxable sales division in the firm’s Philadelphia headquarters. Wayne served as first vice president of fixed income and sales at Stifel, Nicolaus, and Co. 

The firm has also boosted its municipal business with two hires.

Mike Festa will join Janney as director of institutional municipal sales in the company’s Boston office. Festa began his career with Dean Witter. He has also worked for Kemper Securities, Gregg Mason, and Keybank Capital Markets.

Dan Lang will also join Janney’s institutional municipal sales division. Lang worked in institutional sales at Keybank Capital Markets and Legg Mason Wood Walker before coming to Janney.

“These are game-changing hires who bring top expertise and a diverse network of relationships to our firm,” said Steve Genyk, managing director and head of fixed income at Janney. “Their combined experience and track records are tremendous assets for our fixed income clients. These are exactly the kinds of hires that have driven our growth while proving that Janney is a premier destination for top talent.”

Janney, an independently operated subsidiary of The Penn Mutual Life Insurance Co., provides comprehensive financial advice and service to individual, corporate, and institutional investors