First Western Financial Inc. a financial service holding company, has completed the sale of its Los Angeles-based fixed income portfolio team to Lido Advisors LLC and Oakhurst Advisors LLC, according to a press release.
The sale of the fixed income team is expected to be earnings neutral to the Company, as the revenue decrease will be approximately in-line with the expense reduction. The sale is not expected to have an impact on First Western’s bank clients, but will reduce the Company’s assets under management by approximately $300 million.
The sale is expected to result in an estimated positive impact to the Company’s tangible common equity of approximately $3.0 million to $3.3 million.
“The sale of the LA fixed income team represents another important step in our efforts to optimize our cost structure and investment platform, while having a positive impact on our tangible book value per share,” Scott C. Wylie, CEO of First Western, said in the release.