First Western Acquires Los Angeles RIA Financial Management Advisors

First Western Investment Management said it more than doubled its assets with the acquisition of Los Angeles-based Financial Management Advisors.

First Western Investment Management, an affiliate of First Western Trust Bank, agreed to acquire the registered investment adviser (RIA) firm, managing approximately $1.5 billion in assets for corporations, pension funds, endowments, foundations, families, and high-net-worth individuals, according to a press release.

First Western said the addition of the 14 investment professionals in Los Angeles represents an opportunity to extend its business to larger institutions, particularly in the area of fixed income asset management.

“This is a logical continuation of our ongoing effort to serve the West’s investment advisers and money managers looking to build out their practices,’ said Scott Wylie, chairman and CEO of First Western, in the release. “The bank is assembling an impressive record of partnering with industry leaders to provide private banking services, business scale, and succession planning to advisers and their clients.’

FMA was founded in 1985 by Kenneth D. Malamed, the firm’s president and CIO. “We’re excited about continuing FMA’s legacy of solid performance and excellent client service as part of the First Western enterprise,’ Malamed said. “With the infrastructure and resources of First Western behind us, we can focus on making sound investment decisions for our clients for years to come.’