A pair of new chiefs is taking over Lebenthal Asset Management
(LAM), just three months after Lebenthal Holdings unveiled
a deal to sell the acquisitive
LAM to South Street Securities Holdings
| Doug Famigletti|
Lebenthal Asset Management
The board of directors of Lebenthal Holdings named Doug Famigletti
and Michael Jamison
the co-CEOs of LAM. Famigletti and Jamison are filling the shoes left by LAM CEO James B. Lebenthal
, who is resigning from LAM "to pursue other opportunities in asset management," according to a statement from Lebenthal Holdings.
Famigletti and Jamison will collaborate with the recently established LAM portfolio management committee, according to the company statement, operations in all the business of the company will continue. Jamison, previously chief operating officer and managing director of LAM, joined
the company two years ago as a PM, while Famigletti joined
LAM at the end of 2015 when the company bought the assets of Griffin Asset Management.
| Michael Jamison|
Lebenthal Asset Management
In March Jim Tabacchi
, president and CEO of New York City-based South Street Securities Holdings, confirmed that his broker dealer agreed to buy LAM from Lebenthal Holdings, with Gordian Group
advising Lebenthal Holdings on the sale. At the time, the deal was expected to close by the third quarter.
A South Street executive declined to comment on the LAM CEO change, and a representative of LAM did not immediately return calls for further comment on the deal.
Meanwhile, the Lebenthal Holdings board of directors is making other changes, too. They have appointed Patricia Caldwell
, currently the managing director at Gordian, to act as the chief restructuring officer while the company pursues various strategic options regarding operations and management. The alternatives may include selling one or more of the businesses to third parties and/or possible reorganization with the backing of its secured creditors.
Additionally, James Lebenthal's sister, Alexandra Lebenthal
, founder of Lebenthal Holdings, is stepping down as CEO and board member of Lebenthal Holdings. Lebenthal Holdings LLC principally consists of LAM and Lebenthal & Co., a woman-owned capital markets business.
"It has been a significant challenge to launch a startup, standalone financial services firm in the middle of the financial crisis, but I am proud of the many things that we have accomplished in the last nine years, including growing our asset management business and creating the leading woman-owned broker-dealer in the United States. I wish Lebenthal great success going forward," Alexandra Lebenthal states.
In 2015 LAM and Alexandra Lebenthal herself each bought
minority stakes in what is now Lebenthal Lisanti Capital Growth
, a mutual fund shop, while keeping Mary Lisanti
on as president, managing member, chief investment officer, PM, and majority owner of Lebenthal Lisanti. Alexandra Lebenthal became chief marketing officer and managing member of the fund firm.
Famigletti, an alumnus of Hamilton College, previously served as president and CIO of Griffin. He also worked at Goldman Sachs.
Jamison, an alumnus of Baldwin Wallace University and Fairleigh Dickinson University, previously worked at Barrett Asset Management, Beacon Trust, MB Investment Partners, Jamison Prince Asset Management, Brandywine, UBS and PaineWebber, and EF Hutton.
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