Broker-dealer South Street Securities Holdings will acquire 100% of Lebenthal Asset Management as part of an agreement in which South Street will take a 49% stake in the money manager’s parent company, Lebenthal Holdings.
Terms of the deal are not being disclosed, said Steven Carlson, managing partner at PI Capital International, which served as South Street’s investment bank.
Lebenthal Asset Management has about $2 billion in assets under management in equity and fixed-income strategies.
Mr. Carlson referred questions to Jim Lebenthal, CEO of Lebenthal Asset Management. He could not be immediately reached for comment.