Commercial Bank of San Francisco and Capital Financial Services LLC of Washington, D.C., have set up a private investment advisory firm to provide portfolio management and financial advisory services for investors in Eastern Europe and the former Soviet republics.

Capital Financial Services will own a controlling interest in the new company, BSF Capital Management. Commercial Bank of San Francisco will provide international banking and consulting services.

The California chartered bank specializes in the trading and selling of emerging market securities.

The bank said the joint investment advisory firm will identify and invest in undervalued securities, including government and corporate bonds, commercial paper, and corporate equities.

Day-to-day operations will be headed by chief executive officer Charles R. Perlwitz, who previously held senior sales and trading positions at Citibank, Merrill Lynch & Co., and Lehman Brothers.

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