Two New York broker-dealers today announced a merger deal, creating a firm with more than $2 billion in client assets.
The combined management teams of Bernard Herold & Co. Inc. and Lantern Investments Inc. will be known as Herold & Lantern Investments Inc., effective today, according to the announcement.
The merger brings together two family-owned companies each with many decades of service to their clients, the release said. Bernard Herold & Co., founded in 1972, is based in New York City, and Lantern Investments, founded in 1992, is based in Melville, N.Y.
Keith Lanton, president of Herold & Lantern Investments, in a statement said, “the new firm is the result of our shared vision of the evolving broker-dealer industry which is undergoing significant change enabled by technology, and by our desire to provide scale through the comprehensive packages of financial services we make available to our clients.”
The release added that the increased size and strength of Herold & Lantern Investments also will allow it to serve clients in more markets, as well as to be an attractive home to investment professionals seeking new opportunities with a growth oriented firm.
“Our firms are remarkably complementary with a depth of knowledge about financial instruments and investment services, along with our highly experienced and skilled teams of representatives,” said Larry Herold, CEO of Herold & Lantern Investments. “On day one we’ll be servicing nearly 10,000 clients from our three full-service New York offices, as well as from our locations in New Jersey, Illinois, Texas and California,” he said.
The firm offers broker-dealer services to individuals, families and institutions, the release said.