Lebenthal Holdings, an 88-year-old investment bank in New York City specializing in debt and capital markets, has launched a wealth management division.

Lebenthal Wealth Advisors will serve as the company's private wealth advisory division and will be led by industry veterans Jeffrey B. Lane and Frank Campanale.

“The establishment of Lebenthal Wealth Advisors is a natural progression of our firm, founded by my grandparents in 1925," said Alexandra Lebenthal, CEO and president of Lebenthal Holdings.  "[The division leverages] our successful brand and proven capital markets and asset management expertise while forging a new model for entrepreneurial financial advisors.”

Lane will be chairman of the board of Lebenthal Holdings and Campanale will be chairman and chief executive officer of Lebenthal Wealth Advisors. Andrew Grillo will be president of Lebenthal Wealth Advisors, James B. Lebenthal will serve as the chief investment officer and market strategist, and James A. Lebenthal will be chairman emeritus.

Lane previously served as chief executive officer of Bear Stearns Asset Management, chairman and CEO of Neuberger Berman Inc. and a vice chairman of Lehman Brothers.

Campanale was most recently at First Allied Wealth Management. Before that he was president and CEO of Smith Barney Consulting Group.

Grillo was a former regional director of Smith Barney.

“Our goal is simple,” Lane said. “We want to attract the best independent registered investment advisors and entrepreneurial wealth managers from across the nation by providing them with a culture that empowers them to deliver the best service and unconflicted advice to their clients."