February 28, 2024 Breaking News, Latest News, and Videos

First Private and Wilshire Associates to Work Together:

First Private Bank & Trust, a private banking and wealth management firm with offices in Santa Monica and other Southern California locations, this week announced a strategic relationship under which Wilshire Funds Management, a business unit of Santa Monica-based Wilshire Associates that provides nearly $20 billion in traditional and alternative multi-manager investment solutions to institutional clients, will provide investment services to First Private customers.

Wilshire will work with First Private to develop a multi-asset class manager platform and provide asset allocation and portfolio management expertise for First Private customers.  Through its “open architecture” approach, Wilshire offers access to leading national investment managers across the asset management spectrum at very competitive rates, rather than offering “house products” or internal funds.

According to Gary Helme, First Private executive vice president, the strategic relationship announced April 16 grew out of an approach made by Sally Pai, First Private’s chief investment officer, to Larry Davanzo, senior managing director at Wilshire.  Both companies are in Santa Monica and both deal in substantial investments, and so it made sense for them to work together.

“This agreement marks a unique opportunity for private banking and trust clients in Southern California to take advantage of Wilshire’s internationally renowned investment management expertise,” said Helme.  “First Private now brings Wilshire’s talent to the high-net-worth market in the Los Angeles area.  Our relationship meshes institutional investment know-how with the high level of service offered by First Private.  The results are custom-tailored investment programs that reflect our clients’ objectives and tax sensitivities.  It’s a unique offering and First Private’s fiduciary and investment clients will be the only private bank clients able to take advantage of the service.”

“Prominent families and foundations in Los Angeles have been saying for some time that they would prefer an open architecture approach to investing so that they don’t feel limited to a brokerage, bank or trust company,” adds Pai.  “Wilshire’s architecture is 100 percent open.  We believe this offering will be extremely appealing to First Private’s individual customers.”

First Private Bank & Trust, whose Wealth Management and Trust Services Department is on the 6th floor at 520 Broadway, primary focuses on wealthy individuals, families, family offices and foundations in the greater Los Angeles area.  Its Santa Monica branch location at 720 Wilshire Boulevard will be moving to 6,000 square feet of ground floor space at the Broadway location at the end of this summer, according to Dick Lawrence, manager of the Santa Monica branch.

First Private is a member of the Boston Private Wealth Management Group, which has more than $32 billion in managed or advised client investments.

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