Lumbard & Kellner, LLC

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Client assets under management

$421,932,214

Clients

316

79% high-net worth

Advisors

of 4 employees

Firm type

Supported

1-3 advisors or $200M+ in AUM

Clients per advisor

105

High

Average account size

$1,335,229

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

Portfolio management

Expertise

Active portfolio management Private / alternative investments

Fee options

Percentage

$0 - $500,000: 1.10% $500,000 - $1,500,000: 0.80% $1,500,000+: 0.50%

Other

Account minimum: $1,500,000

Main office location

Lumbard & Kellner, LLC

5 Hutchings Drive

Hollis NH 03049-0749, United States

Number of offices

Most active in

California · Florida · Maine · Massachusetts · New Hampshire · Texas

Disclosures

Business activities & affiliations

Is not active or affiliated with:

Insurance agent

They sell insurance products and may earn commissions on those sales.

Broker-dealer / trader

They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.

Bank

They're affiliated with a bank that may offer its own financial products and services.

Trust company

They provide trust and estate administration services, typically for separate fees.

Fund sponsor

They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.

Accountant / CPA / tax prep

They offer tax and accounting services, typically for separate fees.

Lawyer

They provide legal services, typically billed separately.

Real estate agent

They facilitate real estate transactions and may earn commissions.

Other specialized services

They may provide services such as pension consulting or municipal advisory work, typically for separate fees.

Forms ADV

Form ADV Part 2: Client Brochure Form ADV Part 3: Client Relationship

Quick links

Website 603-465-7700

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.

Active portfolio management Private / alternative investments

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.”

Active portfolio management Private / alternative investments

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.

Active portfolio management Private / alternative investments

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