Muni Veteran Alpert Joins Lebenthal as Head of Sales

Lebenthal & Co.,  in the midst of expanding its public finance business, has hired municipal veteran Jacob “Jay” Alpert, formerly of M.R. Beal & Co., as the new head of sales.

Alpert, who officially started at the New York-based broker-dealer on Tuesday, takes a newly-created position, and will be instrumental in extending the growth the firm has experienced since its 2008 inception, founder and chief executive officer Alexandra Lebenthal  said in a press release Friday. “This position has become necessary as we have grown,” she told The Bond Buyer.

Alpert, a 35-year veteran of the industry, was previously the executive vice president of sales, trading and underwriting at M.R. Beal for more than seven years. “I look forward with much optimism and anticipation at the prospect of being able to contribute in the firm’s overall effort to take our municipal business to the next level,” Alpert said about his new role as senior managing director overseeing instititional sales. He reports to Jim Sampson, head of capital markets.

Lebenthal said Alpert’s position was created in response to the need for “better structure and organization around our salespeople and account management” after the addition of public finance offices in Chicago and Los Angeles. “Over the last two years, our public finance business has doubled” in revenue and the firm has qualified for more senior-managed deals, she said.

Last December, the firm hired William Ludolph, a 40-year veteran of the muni  market and former banker at Charles Schwab Securities, as head of municipal underwriting. The firm has increased its presence as co-manager in recent years from 34 issues totaling $381.4 million in 2009 to 46 totaling $1.04 billion for the year to date as of Thursday, according to Thomson Reuters. As senior manager, Thomson only credited it with one issue in 2009 and 2010 each, but none in 2011, 2012 or year to date this year.

“We couldn’t be happier to have someone with Jay’s experience,” Lebenthal said. “As we continue to grow, Jay will be a guiding force for our sales team.”

Prior to M.R. Beal, Alpert in 2001 opened the New York office of Stern, Agee & Leach Inc., where he established the tax-exempt and taxable operations and worked until 2006. He also worked as manager of trading and underwriting at the former PaineWebber, in institutional sales at Fleet Securities, and also worked for  Glickenhaus & Co.

Early on in his career, he was a partner in his own firm, Taylor, Byrne, which he established and ran from 1986 to 1989. A former member of the U.S. Marine Corps., Mr. Alpert attended Brooklyn College, as well as the New York Institute of Finance and the New School for Social Research.

The firm also focuses on corporate debt and equity underwriting. The original Lebenthal & Co. was founded by Alexandra Lebenthal’s grandparents, Louis and Sayra Lebenthal, in 1925. Their son, Jim Lebenthal, made munis a household name with his unique radio and television marketing campaign.

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