Wednesday, November 25, 2015

Forbes picks Lenfest managers

Deal unites $1 billion in families' wealth

Forbes picks Lenfest managers


What's good enough for Philadelphia's TV-heir Lenfests, and their fellow family investors, is good enough for New York's publishing Forbes clan.

The Forbes Family Trust, a 'family office" that invests the fortune piled up by the late business magazine publisher Malcolm Forbes and his heirs, as well as other clients, has joined forces with Philadelphia-based LGL Partners, a firm originally set up by Brook J. Lenfest "to manage the financial, personal and philanthropic needs" of the family after his father, H. Fitzgerald "Gerry" Lenfest, former counsel to TV Guide (and Inquirer) publisher Walter Annenberg, collected over $1 billion when his cable TV company was taken over by Comcast in 2000.

Two managers hired by the younger Lenfest -- ex-JP Morgan and Citigroup executive P. Scott Gregorchuk and ex-Goldman Sachs executive and Pennsylvania state Treasury adviser William D. Luterman -- will serve as chief executive and chief investment officer, respectively, of the new partnership. Forbes Trust President Keith Bloomfield will work with them, keeping his title.

The Forbes trust was set up in 2009 to serve the family and "other like-minded family groups and wealthy individuals," spokeswoman Mia Carbonell told me. Together the firms "oversee and have under advisement more than $1 billion," she added.

In a statement, Forbes vice chairman Miguel Forbes said the firms  will use LGL's "compelling platform" to boost services to "high net worth families and individuals." 

We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

Joseph DiStefano
Also on
letter icon Newsletter