LGL traces its history from the formation of a privately-held business four decades ago, to a modern multi-family office, which today manages a globally diversified portfolio of investments.
The story started when H. F. Gerry Lenfest formed Lenfest Communications which purchased Suburban Cable from Walter Annenberg’s Triangle Publications in 1974. In 1981, after rapid growth of the business and the cable industry, Lenfest Communications sold 50% of the company to TeleCommunications Inc, (TCI), and ultimately, AT&T bought TCI, which included the 50% stake in Lenfest Communications.
As valuations in the media and communications industry reached their historic peak, H. F. Gerry Lenfest sold the company’s interest in Lenfest Communications to Comcast in an all-stock transaction. The transition from an illiquid, privately-held business to a liquid, publicly-traded security led Brook J. Lenfest to create a single-family office to manage his financial, personal, and philanthropic interests. This entity-Brooks Capital Group (“BCG”)-was named after the matriarch of the family; it is the predecessor organization to LGL Partners.
BCG hired a Goldman Sachs executive as Chief Investment Officer (CIO) to evaluate global investment firms and source broad-based wealth management advice, services, and products. The CIO oversaw the design and growth of the investment infrastructure, and managed the staffing of the organization with diverse talent from Wall Street and the broader investment community.
At the same time, Brook J. Lenfest formed The Brook J. Lenfest Foundation and advisory board with the goal of highlighting awareness of positive life choices and providing support and opportunities for those motivated to pursue them. In addition to managing Brook J. Lenfest’s family assets, the CIO also was charged with overseeing the Foundation’s asset allocation decisions.
Over the next decade, the CIO, along with staff and external advisors, developed asset allocation methodology, manager selection, proprietary risk management methods, an external manager due diligence process and team, concentrated stock management techniques, and cash flow and net worth projections. The office created a private fund of funds vehicle to efficiently access alternative investments and utilized an international investment bank for independent custody and administration. With the successful launch of this vehicle, a Director of Research was added to enhance the office’s due diligence capabilities. He worked to develop proprietary data aggregation and analysis systems to inform and facilitate hedge fund investing.
Having established an investment track record in the alternative investments space, the office launched Bala Capital Group as an entity that would allow outside investors to gain access to the private fund of hedge funds program.
After successfully managing the transition from a concentrated private holding to a diversified portfolio of global investments, the office added experienced senior wealth management executives to expand its capabilities and offer expertise externally. This expanded service facility became LGL Partners, a multi-family office and investment firm that leverages multiple decades of sophisticated hands-on family office experience, adds an experienced “Wall Street” investment component, and provides advice and guidance from executives who have headed global wealth management businesses.