Morgan Stanley Broker Team Joins Lebenthal Wealth Advisors –Street Moves

By Corrie Driebusch

A Morgan Stanley ( MS ) financial-adviser team managing roughly $1.2 billion in client assets has joined Lebenthal
Wealth Advisors as an independent wealth-management team, according to its new firm.

The New York-based Gallaway Stern Group is led by Carrie S. Gallaway and Andrew L. Stern, both of whom received
partnership and an equity stake in Lebenthal Holdings LLC, the parent of Lebenthal Wealth Advisors. They received no
front-end cash incentive.

Ms. Gallaway and Mr. Stern both spent about a decade with Citigroup Inc. ( C ) and remained at its joint venture with
Morgan Stanley in 2009, according to Financial Industry Regulatory Authority records. The team left Morgan Stanley
Wealth Management last week.

Joining them in their move to Lebenthal are Jimmy Janeczek, Leigh Moglia and Alexander Tuason.

A Morgan Stanley spokeswoman didn’t immediately return a request for comment.

Lebenthal Wealth Advisors launched late last year and is part of Lebenthal Holdings, an established investment bank
that has specialized in municipal bond trading. The unit is led by Chief Executive Frank Campanale, a former executive
at Smith Barney, and Chief Operating Officer Andrew Grillo, a former regional director at Smith Barney.

The new wealth-management arm currently has about $1.8 billion in assets under management, Mr. Campanale said.

The goal for Lebenthal Wealth Advisors, he said, is to grow to $5 billion under management by the end of the year. He
said he believes the Lebenthal brand name will help the firm achieve that.

“If you think of the idea of a white-shoe firm, there’s a huge spectrum between the four major wirehouses, which are
terrific in their own right, and the independent broker/dealer side,” he said. “We’re more like a regional firm with a
long heritage and legacy.”

(Street Moves chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers
with more than $1 million in annual production and those who manage more than $100 million in client assets.)

Write to Corrie Driebusch at corrie.driebusch@wsj.com

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Wednesday, March 26th, 2014 EN

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