RIA to buy $300 million fixed-income business

L.A.-based Lido Advisors intends to manage First Western Financial's fund business

Jul 25, 2019 @ 11:30 am

By InvestmentNews

Lido Advisors, a Los Angeles-based registered investment adviser, will acquire the Los Angeles-based fixed income portfolio management team from Denver-based First Western Financial as well as over $300 million in assets currently held through First Western Capital Management Company.

(More: Dynasty Financial boosts M&A tools for RIAs using its platform)

The transaction also involves the potential management of First Western Funds Trust mutual fund assets and sub-advised assets of $228 million and $125 million, respectively, by a Lido Advisors affiliate, Oakhurst Advisors, Lido said in a release. Those arrangements require review and approval by the mutual fund board of trustees and shareholders.

After the transaction, Lido and its affiliate will manage over $5 billion in assets, the company said.

The transaction is expected to close on or about Sept. 30, 2019.

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