City National Bank Corp. of Beverly Hills has doubled the staff of its investment products division, adding directors of equities and research and three portfolio managers to oversee a rapidly growing business.
The unit said last week that it has hired Richard Barnett from California Bank and Trust's wealth management group in Los Angeles as vice president and director of equities and Brian Garbe from Sanwa Bank California as vice president and director of research.
"These moves were done because of rapid growth and expected future growth," said Vernon Kozlen, executive vice president and manager of City National Investment. Noting that assets under management had nearly doubled since March 1999, to $4.5 billion, he said, "We figured, in light of the economy and our recent successes, this was the prudent next step."
Mr. Barnett, who had been vice president and senior portfolio manager at California Bank and Trust and has a strong background in fundamental analysis, will oversee asset allocation, equity investment policy, portfolio construction, and stock selection. Mr. Garbe, who had been vice president and director of research at Sanwa, will focus on individual securities, sector rotation, and asset allocation, Mr. Kozlen said.
The company also added three vice presidents as portfolio managers because of the popularity of its CNI Charter Funds, which has accounted for the unit's growth, Mr. Kozlen said. They are:
- Douglas Achtemeier, formerly a portfolio manager with California Bank and Trust and Principal Financial Group.
- Peter Andresen, who was a portfolio manager for 25 years with Scudder Kemper Investments Inc. of Los Angeles, Northern Trust of California, and Norcal Mutual Insurance Co. of Los Angeles.
- Katharine Cook, whose 20 years of experience as a financial planner include stints at Bankers Trust Co.'s Los Angeles office; Wedbush Morgan Securities in San Francisco; IDS Financial Services and Sanwa Trust and Investments, both in Los Angeles; and the Los Angeles Times/Times Mirror Co.