Lumbard & Kellner provides portfolio management for individuals and small businesses and portfolio management for institutions.
Lumbard & Kellner reports 321 clients. They include 249 high-net-worth individuals, 67 individual clients and 3 charitable organizations. Of its assets, 100.0% ($444M across 321 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 21% | 6% |
| High-net-worth individuals | 78% | 89% |
| Charitable organizations | <1% | 5% |
| Corporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 67 | $25.1M | 5.6% | $374K |
| High-net-worth individuals | 249 | $397M | 89.5% | $1.59M |
| Charitable organizations | Fewer than 5 | $21.5M | 4.8% | $7.16M |
| Corporations and other businesses | Fewer than 5 | $213K | 0.0% | $107K |
| Total | 321 | $444M | 100% | — |
- Clients
- 67
- Regulatory AUM
- $25.1M
- AUM share
- 5.6%
- Avg. per client
- $374K
- Clients
- 249
- Regulatory AUM
- $397M
- AUM share
- 89.5%
- Avg. per client
- $1.59M
- Clients
- Fewer than 5
- Regulatory AUM
- $21.5M
- AUM share
- 4.8%
- Avg. per client
- $7.16M
- Clients
- Fewer than 5
- Regulatory AUM
- $213K
- AUM share
- 0.0%
- Avg. per client
- $107K
Total
- Clients
- 321
- Regulatory AUM
- $444M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
Lumbard & Kellner charges 0.50%–1.10% for its Fee Schedule. The brochure does not state whether the rate is annual. Each asset band is charged at its own rate. The fee is billed in arrears and requires an account of at least $1,500,000.
| Asset band | Rate (period not stated) |
|---|---|
| $0–$500K | 1.10% |
| $500K–$1.5M | 0.80% |
| $1.5M and above | 0.50% |
Fee details and sources
John Lumbard owns 25% to 50% of Lumbard & Kellner. The leadership team of Lumbard & Kellner includes Chief Compliance Officer Drew Kellner. It has 4 employees, 3 of them in advisory roles.
Leadership
Drew KellnerMember, Chief Compliance Officer
James ConwayMember- Peter CozMember
- Anne RussellMember
John LumbardManager
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 4 employees
- 3 in advisory functions
- 3 state-registered reps
- Owns 25% to 50% of Lumbard & Kellner, LLC
John Lumbard
Control person · since April 1990
- Owns 10% to 25% of Lumbard & Kellner, LLC
Drew Kellner
Control person · since June 2005
- Owns 10% to 25% of Lumbard & Kellner, LLC
Anne Russell
Control person · since June 2013
- Owns 10% to 25% of Lumbard & Kellner, LLC
James Conway
Control person · since October 2021
- Owns 5% to 10% of Lumbard & Kellner, LLC
Peter Coz
since April 1990
Lumbard & Kellner’s regulatory assets grew 1.6× from $280M (March 2021) to $444M (March 2026); clients rose from 148 to 321 and employees were 4 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $444M | 321 | 4 | 1 |
| March 2025 | $357M | 122 | 4 | 1 |
| March 2024 | $351M | 111 | 4 | 1 |
| March 2023 | $303M | 119 | 4 | 1 |
| March 2022 | $318M | 216 | 4 | 1 |
| March 2021 | $280M | 148 | 4 | 1 |
Besides its headquarters, Lumbard & Kellner has 0 offices, with 1 listed address in New Hampshire.
New Hampshire · 1 listed address
- 5 Hutchings Drive, HollisHQ
Contact and registration details
- Legal name
- Lumbard & Kellner, LLC
- Headquarters
- 5 Hutchings Drive, Hollis, NH 03049-0749
- Website
- lumbard.com
- Phone
- 603-465-7700
- SEC file
- 801-61888
- Founded
- 1990
- Structure
- New Hampshire LLC
- Fiscal year end
- December
Lumbard & Kellner uses US Bank ($320M, 75%) and Charles Schwab ($106M, 25%) as custodians for its separately managed accounts. Lumbard & Kellner does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $106M25%
- US BankUS Bank · Cincinnati, OH · $320M75%
At year end, Lumbard & Kellner’s separately managed accounts were mostly in stocks (53%) and funds (23%). Its reported 13F holdings for the quarter ended 30 June 2026 total $330M across 108 positions; the largest are Alphabet Inc. Cap Stk CL C (5.6%), Materion Corp. (4.6%) and Hudbay Minerals Inc. (3.7%).
What the accounts hold
- Stocks53%
- Funds23%
- Bonds7%
- U.S. government and agency bonds5%
- Investment grade corporate bonds1%
- High-yield corporate bonds1%
- Cash17%
Reported 13F holdings
- $330M
- Reported 13F value
- 108
- Positions
- 37.5%
- In the 10 largest
- +14.3%
- Value vs. prior quarter
- Alphabet Inc. Cap Stk CL C5.6%
- Materion Corp.4.6%
- Hudbay Minerals Inc.3.7%
- Goldman Sachs Group Inc.3.7%
- State Street SPDR Portfolio S&P 400 Mid Cap ETFETF3.6%
- Petroleo Brasileiro S A Sponsored ADR · ADR3.5%
- Freedom 100 Emerging Markets ETFETF3.4%
- Invesco S&P 500 Equal Weight ETFETF3.3%
- Enersys3.1%
- State Street SPDR Bloomberg 1-3 Month T-bill ETFETF3.0%
Together, the ten largest are 37.5% of reported value.
How many clients does Lumbard & Kellner have?
Lumbard & Kellner has 321 clients and manages $444 million for them, as of March 2026. They include 249 high-net-worth individuals, 67 individual clients and 3 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 16 March 2026
What services does Lumbard & Kellner offer?
Lumbard & Kellner provides portfolio management for individuals and small businesses and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Lumbard & Kellner charge?
Lumbard & Kellner charges 0.50%–1.10% for its Fee Schedule. The brochure does not state whether the rate is annual. Each asset band is charged at its own rate. The fee is billed in arrears and requires an account of at least $1,500,000.
Source: LUMBARD & KELLNER BROCHURE ADV2A, filed 16 March 2026
Which custodians does Lumbard & Kellner use?
Lumbard & Kellner’s separately managed account assets are held at US Bank (Cincinnati, OH), with $320M and Charles Schwab & Co., Inc. (Westlake, TX), with $106M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 16 March 2026
How many financial advisors does Lumbard & Kellner have?
Lumbard & Kellner has 3 investment adviser representatives registered with state securities authorities, out of 4 employees, and 3 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Lumbard & Kellner invest in?
At the end of its last fiscal year, Lumbard & Kellner’s separately managed accounts held 53% exchange-traded equities, 23% registered funds (mutual funds, ETFs, BDCs), 17% cash and equivalents, 5% U.S. government and agency bonds, 1% investment grade corporate bonds and 1% high-yield corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Lumbard & Kellner have a minimum investment?
Yes, Lumbard & Kellner’s minimum account size for its Fee Schedule is $1.5M.
Source: LUMBARD & KELLNER BROCHURE ADV2A, filed 16 March 2026
Who owns Lumbard & Kellner?
Lumbard & Kellner’s direct owners are John Lumbard, Peter Coz, Drew Kellner, Anne Russell and James Conway, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 16 March 2026
How does Lumbard & Kellner get paid?
Lumbard & Kellner is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Lumbard & Kellner?
Lumbard & Kellner’s main office is at 5 Hutchings Drive, Hollis, NH 03049-0749. Its phone number is 603-465-7700. Its website is lumbard.com.