LENDING: OneWest’s switch in charter could presage initial public offering.
It’s official: Pasadena’s OneWest Bank actually is a bank. And now Los Angeles County’s third largest by assets.
There’s one partner at Westwood law firm Liner who’s such an institution that he’s actually written into the terms of the lease.
As wealth rebounds, so has wealth management. Banks, breakaway firms and out-of-towners are all clamoring to manage the money of L.A.’s elite now that cash is coming off the sidelines.
INVESTMENT: L.A’s growing concentration of wealthy investors is creating a new wave of money managers.
FIRM: Todd Morgan and his partners weren’t ready to sell their firm. Then they found out how much they could get.
banking: Local lenders wait and weigh value of joining new over-the-counter market specifically for banks.
BANKING – L.A. institutions are waiting and weighing potential returns of joining a new over-the-counter market for banks.
PROFILE: Steve Lockshin sees rich possibilities in steering brokerage customers to agnostic advisers.
Jamie Montgomery sells bank but holds on to its conference.
INVESTMENT: Jamie Montgomery found it too tough to break connections with his former bank’s tech conference.
Making Her Mark In America
When Sunnie S. Kim left South Korea in 1974, it was a society that would have locked her out of nearly any career.
INVESTMENT: Trevor Saliba sees opening for licensed operator as money pours in.
Foreigners who put money into American enterprises in exchange for green cards through the federal EB-5 visa program have enjoyed the same protections from scammers that safeguard other investors.
Ten years ago, when Jeff Friedman and Mark Zytko were trying to secure their first deal, they had a nearly empty office, one employee and no track record.
Special Report: Who’s Who in Banking & Finance
Business Journal spotlights nonbank execs who provide business loans that institutions can’t or won’t.
“There’s always money available,” says Howard Levkowitz, “but not always for what people want.”
ACQUISITION: De La Rosa sees pickup by Stifel boosting its public bond business.
The partners at Century City investment bank and bond underwriter De La Rosa & Co. had wanted to sell to a bigger firm for a few years, and they’d had offers.
Banks never loaned to tech startups – until now
LENDING: Commercial banks hook up with tech startups through venture loans to be repaid after future funding rounds.
Rene Kaerskov is hoping the Federal Aviation Administration will soon clear Richard Branson’s Virgin Galactic to take tourists to space.
Non-profit: Homeboy Industries’ new chief executive aims to make the gang rehabilitation program more self-sufficient.
Non profit: New CEO looks to reform rehabilitation-focused Homeboy Industries into a more self-supporting business.
Investor says it’s finally time to bet on L.A. banking
California Business Bank’s owner looks to be L.A.’s first new player in banking in almost five years.
Last year was a good one for Los Angeles County’s big banks, as the three biggest local lenders all reported solid earnings for 2013. All announced growing profits, assets and loan volumes.
Bankruptcy: Creditors protest as lawyers, others submit huge bills.
Ezri Namvar’s investors were ripped off when his Ponzi scheme collapsed, and now they say they’re getting shorted again by the professionals in charge of recovering their money.
Tour de Pier to set up stationary bikes by beach for benefit.
Tour de Pier offers a different spin on cancer fundraisers with its stationary-bike benefit by the beach.
Investments: Diversis found target then lined up backing.
Investment: No money was no problem when fundless sponsor Diversis Capital went looking for its first deal.
Soaring stock mints first legal pot billionaire
Marijuana dispensing machine maker Medbox has turned into a pot of gold for its newly minted billionaire owner.
Beverly Hills hotels to mark city’s centennial with themed rooms.
Hospitality – Beverly Hills hotels make room for the city’s centennial with themed décor based on different decades.
Investment: OpenGate sees cars, homebuilding driving up market.
The folks at Century City buyout shop OpenGate Capital think Europe’s automotive and homebuilding industries are primed for recovery, so they’ve lately been investing in manufacturers of plastics that go into cars and houses there, announcing three deals in the European plastics market last year.
Finance: Wipit looks to connect to underbanked with cards.
Finance – App developer Wipit issues debit cards to spur customers to open their mobile wallets.
Printing: Superior Press changes checks when lenders merge or are acquired.
Printing – Superior Press has built up a lengthy paper trail redoing checks for acquired and merged banks
Real Estate: Property in Beverly Hills pitched for hotel-condo development.
Real Estate – Price for Beverly Hills lot could step into the history books as L.A.’s biggest on a per-foot basis
Tom Gores’ firm Platinum Equity may be best known as one of L.A.’s most prominent buyout shops, but it’s also become an academy of sorts – many associates have graduated to start their own private equ
Investment – Working at Platinum Equity has paid dividends for former execs who launched their own firms
Century City’s OpenGate Capital said Friday that it had won a bid to take over bankrupt European plastics manufacturer Kem One SAS, its third deal in the European plastics market this year.
Security: Questions over Chinese parts cost OSI contract.
Security: OSI baggage-scanner contract falls to pieces over concern for the machines’ use of a Chinese-made part.
Lending: South Korean bank wins court round on use of ‘Hana.’
In Japanese it means “flower.” In Korean, it translates as “No. 1” or “first.”
Mike Burke will take over in March as chief executive of downtown L.A. engineering and technical services firm Aecom Technology Corp., the company announced Wednesday.
Leonard Green & Partners, the Westwood private equity firm that already has investments in retailers J. Crew and London’s Topshop, is getting deeper into denim, planning to buy Lucky Brand Jeans from New York’s publicly traded Fifth & Pacific Cos. for $225 million.
Lending: High-interest loans to small businesses yield big returns.
Direct Lending Investments is doing well as it buys up high-interest loans made to mom-and-pop businesses.
LENDING: Chase No. 1 in number of outposts but its market share declines.
JPMorgan Chase has branched out to have the most L.A. outposts, but still lags bank rivals on deposits
Rugulation: Hire by 1st Century to review money-laundering policies.
Century City’s 1st Century Bank is taking a hard look at its money-laundering policies after federal bank regulators ordered a review.
Shipping: Program to attract alliances may start price war with Long Beach.
Shipping: Port of Los Angeles hopes to make waves by offering rebates to cargo companies.
Hudson Pacific Properties Inc. reported wider losses after markets closed Monday, though the publicly traded real estate trust beat Wall Street expectations.
Banking: Federal fraud review may hold up sale by parent.
Banking: Federal review of payday-lender payment processing by National Bank of California may slow its sale.
At the end of a long work week, broker Carter Magnin doesn’t unwind with his fellow real estate buddies by going to the latest hot restaurant or bar.
Arbitrators order Wedbush to pay its former broker $4 million for pushing bad bonds.
City National Bank’s corporate parent reported solid earnings, with profits higher than analysts expected.
BBCN Bancorp has reported growing profits, with net income of $23.5 million for the quarter ended Sept. 30.
ENGINEERING: Aecom gets jobs on developments it co-funds.
Aecom builds up its project list by co-funding developments through its investment arm.
First Beverage taps maker of tea drink kombucha for its debut investment.
First Beverage Ventures sees kombucha maker Health-Ade as its cup of tea.
Pasadena’s East West Bancorp Inc. late Wednesday reported earnings just shy of Wall Street expectations.
BANKING: PacWest’s bid to pay $2.3 billion for CapitalSource questioned.
Community-minded groups look to mount hefty opposition to PacWest’s big deal to buy CapitalSource.
LENDING: OneWest would become L.A.’s second biggest.
Charter change would vault L.A.’s biggest thrift, OneWest, into this market’s second-biggest bank.
INVESTMENT: TCW buys Craton as means to grow and diversify assets.
Most of the assets managed by downtown L.A.’s TCW Group Inc. are invested in bonds, but the firm has been working for the past year to build up assets invested in its so-called alternative strategies – private equity, direct lending and distressed debt.
CPA Russ Lesser helped Body Glove International make splash as wetsuit maker and brand licensor.
Accountant Russ Lesser caught the big wave when he joined wetsuit maker Body Glove International.