New York Banking Family to Offer Family Office Services

Stephen Harris

3 October 2006

Father and daughter team Alexandra and James Lebenthal are joining the broker-dealer unit of Israel Discount Bank of New York, a subsidiary of Israel Discount Bank. Alexandra Lebenthal will become the chief executive and her father, James Lebenthal, will take the title of creative director. At Israel Discount, Ms Lebenthal's unit will focus on both municipal bonds and wealth management for families with net worth of $2 million to $20 million. Wider family office services will also be offered. The Lebenthals sold their original firm for $25 million in 2001 to MONY Group and it became part of the Advest Group brokerage unit. After French financial giant Axa acquired MONY for $1.5 billion in 2004, Advest, including Lebenthal, was sold to Merrill in 2005. The pair left Merrill last year after the firm dropped their family brand name, which the family now cannot use as it was factored into the $400 million paid for Advest.