Two family-owned broker-dealers based in New York have merged to form the new financial services firm Herold & Lantern Investments, with combined customer assets of more than $2 billion.
The merger, which became effective Monday, combines Melville-based Lantern Investments on Long Island, with a staff of 40 professionals and customer assets of about $1.1 billion, with Manhattan-based Bernard Herold & Co., with a staff of 25 and customer assets of about $900 million, Keith Lanton, president of Herold & Lantern, told ThinkAdvisor.
The combined firm has a total staff of 66, including 64 registered personnel, and will keep both main locations, he said. The merged company has a total of 13 offices across the U.S., according to its website.
The executive team also includes Larry Herold, chief operating officer of Herold & Lantern, whose father started Bernard Herold & Co. in 1972; and Wendy Lanton, Keith’s sister, who is chief compliance officer. Lantern Investments was founded in 1993 by founders who included Barbara Lanton, Keith and Wendy’s mother, he said.
The increased size and strength of the merged firm will “allow it to serve clients in more markets, as well as to be an attractive home to investment professionals seeking new opportunities with a growth-oriented firm,” it said.
BNY Mellon Pershing was the clearing firm for each company and assisted with the merger, according to Lanton.
“On day one, we’ll be servicing nearly 10,000 clients from our three full-service New York offices, as well as from our locations in New Jersey, Illinois, Texas and California,” Herold said in a statement.
The merged firm offers a full range of BD services to individuals, families and institutions, and also assists other BDs via tri-party clearing relationships, it said.
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