Lumbard & Kellner, LLC
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
Client AUMClient assets under management
$421,932,214
Clients
316
Advisors
3
of 4 employees
About
Lumbard & Kellner, LLC provides discretionary investment management primarily to individual clients, including both high‑net‑worth and other individual investors, and occasionally to trusts, estates, charitable organizations, and retirement plans. The firm reports $443,616,831 in assets under management as of 12/31/2025 and manages client portfolios through a small advisory team.
The firm follows a value‑oriented, fundamental investment process that emphasizes company earnings, valuation multiples, dividends, and management quality when selecting equities and fixed income, and it may use modest ETF positions for hedging. Clients receive ongoing oversight with written account reviews each quarter and a market commentary called “Insight” distributed three times per year.
Distinctively, the firm advertises performance results in its materials — a practice uncommon among peers — while maintaining practices such as a $1.5 million new‑account minimum and not taking custody of client assets (custodial statements are provided directly to clients). The combination of a relatively small advisor team, substantial AUM, and an explicit reliance on external Wall Street research to supplement internal analysis is a notable operational characteristic compared with larger firms.
Client services
Expertise
Fee options
$0 - $500,000: 1.10% $500,000 - $1,500,000: 0.80% $1,500,000+: 0.50%
Account minimum: $1,500,000
Main office
5 Hutchings Drive
Hollis NH 03049
Advisors at this office
3
Most active in
California · Florida · Maine · Massachusetts · New Hampshire · Texas
Also doing business as
Lumbard & Kellner, LLC · Lumbard Investment Counseling · Lumbard Investment Counseling LLC
Disclosures
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
Is not active or affiliated with:
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Insurance agent
They sell insurance products and may earn commissions on those sales.
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Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Advisors at this firm
Drew K
CFA®, Series 65
Hollis, NH
Lumbard & Kellner, LLC
Drew Kellner is a CFA® charterholder with 20 years of industry experience. He has been with Lumbard & Kellner, LLC since 2005. Lumbard & Kellner, LLC provides discretionary investment management primarily for high-net-worth individuals, trusts, estates, and charitable organizations. The firm follows a value investing approach based on fundamental analysis and manages accounts on a fully discretionary basis.
John L
CFA®, Series 63
Hollis, NH
Lumbard & Kellner, LLC
John Lumbard is a CFA® charterholder with 36 years of industry experience. He has been with Lumbard & Kellner, LLC since its founding in 1990. The firm provides discretionary investment management primarily for high-net-worth individuals, trusts, estates, and charitable organizations. Lumbard & Kellner, LLC focuses on value investing through fundamental analysis, using earnings, valuation multiples, dividend yield, and management quality to construct portfolios. The firm manages accounts on a full discretionary basis, employs fixed income and ETFs for income and hedging, and publishes a quarterly market commentary called “Insight.”
James C
CFA®, Series 66
Hollis, NH
Lumbard & Kellner, LLC
James Conway Jr. is a CFA® charterholder with 20 years of industry experience. He has worked at Lumbard & Kellner, LLC since 2020 and previously spent five years with FC Advisors. Lumbard & Kellner, LLC provides discretionary investment management primarily for high-net-worth individuals, trusts, estates, and charitable organizations. The firm employs a value investing approach based on fundamental analysis and manages accounts on a full discretionary basis.
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