Lebenthal Holdings announced Tuesday that two Wall Street veterans, Frank Campanale and Jeffrey Lane, have been brought on to lead the firm’s newly launched Lebenthal Wealth Advisors.
Campanale will be chairman and CEO of Lebenthal Wealth Advisors. A pioneer in the managed accounts business, Campanale was most recently chairman and CEO of First Allied Wealth Management and before that served as president and CEO of Smith Barney Consulting Group.
Lane — who formerly held such high-level positions as CEO of Bear Stearns Asset Management, chairman and CEO of Neuberger Berman and vice chairman of Lehman Brothers — will be board chairman of Lebenthal Holdings.
“The establishment of Lebenthal Wealth Advisors is a natural progression of our firm, founded by my grandparents in 1925, enabling it to leverage our successful brand and proven capital markets and asset management expertise while forging a new model for entrepreneurial financial advisors,” said Alexandra Lebenthal, Lebenthal Holdings’ CEO and president, in a statement.
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“Our goal is simple,” added Lane in the same statement. “We want to attract the best independent registered investment advisors and entrepreneurial wealth managers from across the nation by providing them with a culture that empowers them to deliver the best service and unconflicted advice to their clients.”
Brought on to expand the company’s wealth management and investment advisory business, Lane told The Wall Street Journal that the business, currently at about $500 million in assets, could grow to about $25 billion with about 100 advisors within the next five years.