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.
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.