NU Online News Service, Oct. 9, 9:03 a.m. – Advest Group Inc., Hartford, a wholly owned subsidiary of The MONY Group, New York, announced today that it will acquire Lebenthal & Co., New York. The transaction is expected to close late in the 2001 fourth quarter, Advest says.
Lebenthal & Co. is a financial services firm that offers investment products and services to a nationwide customer base through its staff of account executives. Known broadly for its distinct advertising campaigns, Lebenthal & Co.'s concentrated expertise in municipal bonds has made it a leading national expert in tax exempt investing, Advest says. Lebenthal & Co. also has an asset management subsidiary and manages three open-ended municipal bond funds, including the first taxable municipal bond fund, Advest says.
Lebenthal has operated from New York City for the past 76 years.
As part of Advest, Lebenthal will continue to operate under its own brand name. Alexandra Lebenthal, granddaughter of founders Louis and Sayra Lebenthal, became president and CEO in 1995. She will continue to serve as Lebenthal's president and will be a member of Advest Inc.'s board of directors and senior management team. The founders' son, James Lebenthal, will serve as chairman emeritus of Lebenthal and as a consultant to Advest.
