Frank Ulf, chairman and chief executive of Covington Capital Management, is taking his own advice. At 74, he’s finally doing some succession planning.
Covington recently hired W. Scott Sanford, former chairman and chief executive of the Western region for Mellon Financial Corp., the parent of Mellon1st Business Bank. Ulf boasts that Covington now has $560 million in assets under management, up from $200 million when it was formed a year ago with 80 percent coming from his old firm, U.S. Trust Corp., now a unit of Charles Schwab & Co. Inc.
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After spending 15 years in Los Angeles and serving on nearly a dozen boards, including the Los Angeles Area Chamber of Commerce, Sherry Barrat plans a move to Chicago to become executive vice president and president of personal financial services at Northern Trust. She also joins the firm’s management committee.
Barrat, 56, has been chairman and chief executive of Northern Trust Bank of California and previously was head of the firm’s Palm Beach region. Kevin Rochford, senior vice president, will replace Barrat as chief executive of the Western region.
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About 500 people attended the recent annual awards dinner of HOPE Hispanas Organized for Political Equality which has had successfully been churning out business and civic leaders in California. Members include several of Mayor Antonio Villaraigosa’s team at City Hall.
The group honored Vilma Martinez, a partner at Munger Tolles & Olson LLP, who is considered the godmother of Latina leadership in Los Angeles, and Janet Murguia, president of the National Council of La Raza. The California Wellness Foundation also was honored.
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Max Green, chairman emeritus of Colliers Seeley International Inc., an old-line name that has operated in Los Angeles for 98 years, has succumbed to consolidation in the real estate industry.
Green and several senior and exited shareholders sold an 82 percent stake in the firm to Toronto-based FirstService Corp. last week for less than $100 million.
Tom Taylor, Colliers’ chief executive, said that senior management will continue to hold the remaining stake and operate independently.
Colliers Seeley advises on more than $3 billion in transactions a year and was integral in the development of Los Angeles real estate after World War II by finding land for Kaiser Steel in Fontana, General Motors Corp. in the San Fernando Valley and Lockheed Martin Corp. in Long Beach.
The company has a network of 138 brokers in 12 offices in Southern California that generated $60 million in revenue in the past year.
*Staff reporter Kate Berry can be reached at (323) 549-5225, ext. 228, or at
[email protected]
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