Lebenthal acquires Griffin Asset Management

Lebenthal Asset Management has acquired investment advisor Griffin Asset Management. No financial terms were disclosed.



Lebenthal Asset Management, LLC, the asset management business of Lebenthal Holdings, LLC, announced today that it has acquired the assets of Griffin Asset Management, Inc., an independent SEC-registered investment advisor. Led by President and Chief Investment Officer Douglas M. Famigletti, Griffin is primarily a growth and income-oriented equity manager. With this transaction, total AUM for all Lebenthal entities rises to over $2.5 billion. Terms of the transaction, which was completed on December 31, 2015, were not disclosed.

Griffin, founded in 1994 by Doug’s father, Thomas A. Famigletti, merged in 2006 with Hovey Youngman, Associates, Inc., which was founded in 1976. The firm manages separate accounts for clients as well as a mutual fund, the KF Griffin Blue Chip & Covered Call Fund (KFGIX). The investment team at Griffin has a disciplined approach to stock selection and portfolio construction driven by rigorous stock analysis and an objective decision-making process.

“I am pleased to welcome Doug and Tom Famigletti, Lee Metzendorf, and the rest of the Griffin team to Lebenthal,” said James B. Lebenthal, CEO of Lebenthal Asset Management. “Griffin has achieved its success by delivering competitive returns to its clients through some of the most challenging markets in history. We are committed to making this business combination mutually beneficial for everyone involved, particularly the Griffin clients, as we continue to expand Lebenthal’s footprint in wealth and asset management. I believe that Doug and his team will play a meaningful role in extending the strong brand legacy and growth potential of Lebenthal.”

Doug Famigletti started his investment career in 1996 with Massachusetts Financial Services. He then joined Griffin Asset Management LLC where he spent four years as an equity research analyst. In 2000 Mr. Famigletti joined Goldman Sachs’ Institutional Sales Desk and was responsible for providing sales coverage for some of their largest clients. Mr. Famigletti returned to Griffin Asset Management LLC in 2004. Mr. Famigletti is a Chartered Financial Analyst, a member of the CFA Institute and the New York Society of Security Analysts. He earned a B.A. in Economics from Hamilton College.

Tom Famigletti entered the investment business in the 1960’s, starting his career in the Trust Department of First National City Bank (now Citigroup) as an analyst and Investment Officer managing trust assets. Mr. Famigletti then joined European American Bank in 1972 where he started the investment management division. After ten years of managing institutional and private client assets at EAB, he joined Dreman Value Management, and as one of three original partners at Dreman he helped grow the assets under management from under $50 million to over $4 billion. Mr. Famigletti earned a B.A. in Economics from Hofstra University and is a member of the New York Society of Security Analysts, and the Financial Analysts Federation.

Lee Metzendorf focuses on macroeconomic, equity and fixed income research. Mr. Metzendorf joined Griffin in October 2012 after spending the previous four years at Corinthian Partners where he was a Portfolio Manager. Prior to Corinthian Partners, he spent 17 years at Fiduciary Trust as a portfolio manager. He earned a B.A. from Williams College and an M.B.A from Columbia University.

Doug Famigletti commented on the transaction: “We are excited to be joining the team at Lebenthal. At Griffin, our primary focus for all of our clients—individuals and institutions—has always been to partner with them for the long term, a value which is abundantly shared by the culture and tradition of Lebenthal. Not only will this be a good fit for our clients and our management team, I believe that the platform, infrastructure and brand strength of Lebenthal will help our business grow.”

About Lebenthal Asset Management
Lebenthal Asset Management, LLC (LAM)is the asset management business of Lebenthal Holdings, LLC, the venerable New York-based firm that provides through its subsidiaries and affiliated companies a broad range of wealth advisory, asset management and capital markets products and services to institutional and retail clients. LAM, a SEC-registered investment advisor, manages domestic and international equity portfolios and fixed income portfolios for high net worth individuals, institutions and non-profit organizations. LAM’s roster of experienced portfolio managers specialize in the following strategies: All-Cap Value, Large Cap Growth, Mid-Cap Growth, Global and Emerging Market Equities, Income Equities and Covered-Call Option Strategy, as well as Investment-Grade Taxable and Municipal Bonds. LAM is also a minority owner of Lebenthal Lisanti Capital Growth, LLC, a woman-owned registered investment advisor that specializes in US Small Cap and SMID Cap Growth Equities. The Heckman Global Group is the research unit of LAM. Further information about Lebenthal Asset Management, LLC can be found at http://www.lebenthal.com.