New York City-based broker-dealer Lebenthal & Co. is setting up shop out West as it continues to expand its public finance business.
The company announced Friday that it has hired municipal finance veteran Grover McKean to run the new office, headquartered in Los Angeles.
"Lebenthal has had tremendous growth over the last four years and this was a natural time for us to expand to the West Coast." said Alexandra Lebenthal, founder and chief executive officer. "To bring on someone with Grover's pedigree is a great step forward for us. I couldn't be more thrilled."
With the addition of the L.A. office, the woman-owned boutique investment bank now has three locations, including in New York and Chicago. The New York office is the only one with a sales and trading group, while the other two are focused on public finance.
Lebenthal said the firm hasn't yet hired anyone else in the L.A. office, but expect to continue to expand in California.
"This is really just the start," she said. "This is an addition to an office that we have in Chicago, so we've been very slowly, but methodically building over the last several years."
McKean brings more than 30 years of experience in both the public and private financial sectors, with a working knowledge of the issuer's perspective as well as from the banking side.
As chief deputy state treasurer of California for six years, McKean supervised the issuance and sale of all state securities. After he left California's treasurer's office, McKean pursued a career as an investment banker, specializing in municipal finance. He served as managing director for Shearson/American Express and general partner at both L.F. Rothschild and Lazard Freres & Co. During his tenure, McKean served as a senior manager supervising over $3 billion in state credits.
Among the California state agencies for which he has served as the senior banker include the Department of Veterans Affairs, the State Board of Public Works, the Regents of the University of California, and the Housing Finance Agency, among others.
McKean received his bachelor's degree from Loyola Marymount University and his law degree from Loyola School of Los Angeles.
"The prospect of working under the dynamic and entrepreneurial leadership of Alexandra Lebenthal will enable me to serve my clients with the same integrity she and her family have supported for generations," McKean said. "It doesn't hurt when the CEO has her name on the door."
The original Lebenthal & Co. was founded by Alexandra Lebenthal's grandparents, Louis and Sayra Lebenthal in 1925. The firm was acquired by Advest, Inc. in 2001, and later reacquired by Alexandra & James LLC, which was co-founded by Alexandra and her father, Jim Lebenthal, in 2006.
The current Lebenthal & Co. was established in 2008 as a subsidiary of Alexandra & James and says it is the leading woman-owned firm in public and corporate finance.
