Edward Jones Names New Managing Partner
Independent powerhouse Edward Jones’ managing partner Jim Weddle is retiring at the start of 2019, with Penny Pennington taking over his role, the St. Louis Post-Dispatch reports.
Pennington has been the principal of the firm’s client strategies group since 2015 and serves on Edward Jones’ executive, management and audit committees, according to the paper. She came to the company as a financial advisor in 2000 in Livonia, Mich., and in 2006 transferred to the company’s unit for training new financial advisors in St. Louis, the St. Louis Post-Dispatch writes.
“Having served as a financial advisor, she has firsthand understanding of what our clients value and our mission to grow and serve more individual investors,” Weddle said in a statement cited by the paper.
Weddle was named Edward Jones’ managing partner in 2006 after 28 years with the firm, the St. Louis Post-Dispatch writes. He replaced Douglas Hill, who stepped down following a settlement reached with the U.S. attorney’s office over mutual fund trading irregularities at Edward Jones, according to the paper.
Weddle led the firm in growing its revenue from $3.5 billion to $7.5 billion, the St. Louis Post-Dispatch writes. During that period, the firm expanded the number of its branches from around 9,000 to more than 13,000 and its client assets to $1.12 trillion, according to the paper.