Lebenthal & Co. has hired three new members in institutional sales and trading since September as it seeks to capitalize on market conditions to expand its business.
With bigger firms exiting the municipal business or merging and the focus by issuers on hiring more minority- and woman-owned firms - especially in New York - the company sees openings in the market to grow, according to president and chief executive officer Alexandra Lebenthal.
"We see so much opportunity in the municipal market right now," she said.
The recent hires include Tony Mancini, joining the firm as head of institutional trading from Morgan Stanley, Will Rich, joining institutional sales after working at JPMorgan, and Stancy Duhamel, joining the firm's institutional sales team after working at UBS Securities LLC.
"These are key people for us in terms of the building block," Lebenthal said. "And again the caliber of these people to be able to bring them on is really significant for us."
Lebenthal said the firm hopes to hire more people as they come available, although it does not have a set number in mind. With a history dating back to 1925, Lebenthal rejoined the municipal business in 2006 through an affiliation with Israeli Discount Bank, before splitting off on its own in March of last year.
"This is my effort to rebuild the family legacy and family business and be one of the key brands in the municipal bond business," Lebenthal said.
