# Lumbard & Kellner, LLC

> Lumbard & Kellner, LLC is an SEC-registered investment advisory firm in Hollis, NH, registered since 2003, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 16, 2026.

- CRD: 117196
- Filed as: LUMBARD & KELLNER, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Hollis, NH
- Filing period: October 2026
- Form ADV filing dated: March 16, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/117196
- AdvisorCensus page: https://advisorcensus.com/firm/lumbard-and-kellner-llc-hollis-nh-117196

## Quick answers

**How is Lumbard & Kellner, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Lumbard & Kellner, LLC reports these compensation arrangements: a percentage of assets under its management.

**How much does Lumbard & Kellner, LLC charge?**
Its Form ADV Part 2A brochure dated March 16, 2026 states: Up to $500,000: 1.1% a year; $500,000 to $1,500,000: 0.8% a year; Above $1,500,000: 0.5% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Lumbard & Kellner, LLC located?**
Lumbard & Kellner, LLC's principal office is in Hollis, NH, according to its Form ADV.

**Is Lumbard & Kellner, LLC registered with the SEC or a state?**
Lumbard & Kellner, LLC is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 117196.

**How much does Lumbard & Kellner, LLC manage?**
Lumbard & Kellner, LLC reports $443,616,831 in regulatory assets under management in its Form ADV filing dated March 16, 2026 (100% discretionary).

**How have Lumbard & Kellner, LLC's assets and staff changed since 2021?**
In the Form ADV data for Lumbard & Kellner, LLC: Regulatory assets under management: $280,300,755 in the October 2021 data and $443,616,831 in the October 2026 data, up 58%. Total employees: 4 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Lumbard & Kellner, LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (249); individuals (other than high net worth individuals) (67); charitable organizations (3).

**Which custodians does Lumbard & Kellner, LLC use?**
Lumbard & Kellner, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and US Bank as custodians holding 10% or more of its separately managed account assets.

**Does Lumbard & Kellner, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/117196

**Does Lumbard & Kellner, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 16, 2026 says: "The firm requires a new account to be a minimum of $1.5 million in assets; this can be spread over multiple accounts."

**What changed in Lumbard & Kellner, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $357,178,342 to $443,616,831 (+24%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated March 16, 2026)

- Up to $500,000: 1.1% a year
- $500,000 to $1,500,000: 0.8% a year
- Above $1,500,000: 0.5% a year

> Lumbard & Kellner, LLC charges a percentage of assets under management for its services. Fees are deducted from the custodial account monthly; with fees being collected in arrears.

> First $ 500,000 1.10% Next $ 1,000,000 0.80% Above $ 1,500,000 0.50%

- Account minimum: $1,500,000

> The firm requires a new account to be a minimum of $1.5 million in assets; this can be spread over multiple accounts.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- US Bank

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $443,616,831
- Discretionary: $443,616,831
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 67 | $25,057,701 |
| High net worth individuals | 249 | $396,874,513 |
| Charitable organizations | 3 | $21,471,572 |
| Corporations or other businesses not listed above | 2 | $213,045 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2003 (23 years)
- Employees: 4 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, FL, MA, ME, NH, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [lumbard.com](https://lumbard.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $280,300,755 | 4 | March 22, 2021 |
| October 2022 | $318,396,623 | 4 | March 25, 2022 |
| October 2023 | $302,963,653 | 4 | March 22, 2023 |
| October 2024 | $350,933,057 | 4 | March 28, 2024 |
| October 2025 | $357,178,342 | 4 | March 26, 2025 |
| October 2026 | $443,616,831 | 4 | March 16, 2026 |

Regulatory assets under management: $280,300,755 in the October 2021 data and $443,616,831 in the October 2026 data, up 58%.
Total employees: 4 in October 2021 and 4 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $357,178,342 to $443,616,831 (+24%).

### January 2026
- No longer registered or notice-filed in IL.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lumbard & Kellner, LLC (CRD 117196): Form ADV filing data as of October 2026.