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Alexandra Lebenthal couldn't have chosen a worse time than this summer to pick up the reins of the municipal bond firm founded by her grandparents 70 years ago.
The industry was coming off of its worst year in the firm's history when she became president in July. Like others, Lebenthal had posted a loss. Bigger, better capitalized rivals had dumped their muni bond banking capabilities. What's more, an embarrassing scandal in Orange County was seeding doubt among potential new clients and restlessness among current ones.
Young--at 31--she faced the possibility of not being taken seriously.
But Ms. Lebenthal's savvy, back-to-basics strategy is earning high marks from observers, who say her fresh...