$700 million firm founded during Depression joins Pennsylvania-based B-D

Sweney Cartwright, a Columbus, Ohio-based broker-dealer founded in 1933 when Huntington National Bank spun off its securities operations as a result of the Glass-Steagall Act, is shutting down. The firm's nine employees and the $700 million in assets it controls will move to Boenning & Scattergood Inc., a broker-dealer based in West Conshohocken, Pa. Frank Ingwersen, president of Sweney Cartwright, said his firm will operate as a branch of Boenning & Scattergood. (More:​ See more adviser moves in InvestmentNews' Advisers on the Move database) Both firms have deep roots in municipal bond trading and underwriting as well as market-making in community bank stocks. "All nine of us have decided to retire our existing privately held arrangement with the firm, which will no longer exist as a broker-dealer," Mr. Ingwersen said.