WesCorp Exits Investment AdvisoryBusiness

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SAN DIMAS, Calif. - (04/10/06) – WesCorp FCU announced its willsell its investment advisory business, known as WesCorp InvestmentServices, LLC, to ALM First Financial Advisors, LLC, of Dallas.Under the term of the deal WesCorp acquire a minority interest inALM First. The deal allows ALM First to gain market share amongwest coast credit unions, while letting WesCorp get out of aservice that's not a core competency and bring a deeper expertisein this area to its member credit unions. “We had to work atit very hard to make this a core competency because it was such asmall book of business,” WesCorp CEO Bob Siravo told TheCredit Union Journal. “ALM First has a much bigger book ofbusiness.” WesCorp is the latest corporate to shed itsinvestment advisory service, following November’s decision bySouthwest Corporate FCU to close its broker/dealer operation andtransfer the accounts to U.S. Central CU’s CU InvestmentSolutions. WesCorp created its advisory services unit in 2000 andhas 14 credit unions clients and $1.7 billion in assets undermanagement. The acquisition will give ALM First 100 credit unionclients and $8 billion in credit union assets undermanagement.

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