Western Financial buys another investment advisory

FWR Staff

12 May 2009

Firm plans to make additional acquisitions in promising western-U.S. markets. Denver-based First Western Financial's RIA subsidiary First Western Investment Management has acquired Westwood, Calif.-based RIA GKM Advisers . The move is a continuation of First Western's strategy of buying established investment advisories in prosperous communities in the U.S. West, where its plans to found and operate de novo private banks and trust companies.

The terms of the transaction weren't disclosed.

"GKM Advisers represents a long and successful history of managing wealth for high-net-worth families and individuals," says First Western Trust's chairman and CEO Scott Wylie. "The talented and seasoned investment professionals at the firm are a perfect complement to First Western's wealth management philosophy."

Infrastructure and resources

Founded as the wealth-management subsidiary of New York-based investment bank Gerard Klauer Mattison , GKM Advisers had been independent since 2003. The firm's $353 million in assets under management gives First Western more than $2.5 billion in assets under management.

GKM is First Western Trust's fifth acquisition since its founding in 2002. In addition to buying Los Angeles-based Financial Management Advisors last June, it has purchased Fort Collins, Colo.-based James A. Sprout & Associates, Denver-based Sterling Partners and Denver- and Boulder, Colo.-based Reber/Russell.

GKM's president Timothy Wahl says the deal benefits the RIA's existing clients. "With the infrastructure and resources of the bank, we can provide additional services and opportunities to our clients."

Meanwhile GKM's "distinct skills in equity research and portfolio management are an excellent fit for the First Western wealth management approach," according to First Western's CIO Warren Olsen. -FWR

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