Imperial Bank announced Thursday that it has taken its first step into the securities management field by creating a financial management company to handle assets of $3.5 billion in partnership with Angeles Corp., a diversified investment management company.
The new financial management organization will be a holding company for First Pacific Advisors, now an Angeles subsidiary that manages $2.2 billion in securities portfolios, and Imperial Trust Co., an Imperial Bank subsidiary that controls trust assets of $1.3 billion.
Imperial Bank has 11 commercial offices, all in California, and is the principal subsidiary of Imperial Bancorp, a Los Angeles-based holding company with assets of more than $1.5 billion. Angeles Corp. is a diversified management company whose subsidiaries, including First Pacific, manage assets of $3.5 billion in securities, real estate and other areas for 180,000 individual investors.
Under a letter of intent signed by the two companies to form the holding entity, Imperial Bank will pay $20 million in cash to Angeles and $10 million worth of preferred stock in the new company.