Western Alliance takes stake in Shine Investments

FWR Staff

19 July 2007

Bank holding company acquires second wealth-management firm in three years. Western Alliance Bancorporation has taken a majority stake in Denver-based RIA Shine Investment Advisory Services. The Las Vegas-based bank holding company says the move gives it a toehold in Colorado's wealth-management market and adds another fee-based component to its revenue streams.

Terms of the deal weren't disclosed.

Extremely pleased

"We have long thought that providing asset-management services is a natural positive extension of the financial services we offer," says Robert Sarver, chairman and CEO of Western Alliance. "We entered the business with the acquisition of Miller Russell in May 2004, which has more than doubled, organically, its assets under management to $1.65 billion since that time."

Shine Investments' founder and president Judy Shine says she and her team are "extremely pleased" to join Western Alliance, which she describes as a "dynamic enterprise."

Las Vegas-based Western Alliance is the parent company of Bank of Nevada, First Independent Bank of Nevada, Alliance Bank of Arizona, Alta Alliance Bank, Torrey Pines Bank, Phoenix, Ariz.-based Miller Russell, and Premier Trust. Shine Investments had approximately $400 million in assets under management at at the end of June. -FWR