Alexandra Lebenthal has sold a 49% stake in Lebenthal & Co., an iconic firm in in the municipal market, to South Street Securities.

The sale comes as the firm has struggled to grow, shuttering a wealth management unit last summer that failed to take off despite some early high profile hires. Lebenthal said in an interview last summer that the unit was unable to attract top wirehouse advisers in a highly competitive and costly recruiting environment.

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