Orange County-based wealth management firm First Foundation Advisors has hired Louis Abel as a managing director to be part of a team that will open a new full banking and advisory office for FFA in Pasadena.

Mr Abel joins from US Trust in Los Angeles, where he was a senior vice president and senior portfolio manager. His responsibilities included managing portfolios on behalf of family offices, high net worth clients, foundations and endowments and corporate pension and profit-sharing plans.

Mr Abel has also been a vice president and senior portfolio manager for Wells Fargo Private Asset Management in Beverly Hills, where he managed private client accounts for high net worth individuals, family offices, and foundations. Prior to this he was a senior portfolio manager with Husic Capital Management in San Francisco, managing both institutional accounts and private client accounts.

In addition, for more than 10 years, Mr Abel was a portfolio manager and analyst with Engemann Asset Management in Pasadena.

Commenting on the move, John Hakopian, FFA president and chief investment officer, said: "This allows First Foundation to expand its presence into the greater Los Angeles area."

FFA has been going about 20 years, offering integrated wealth management, consulting, trust and banking services. It currently manages over $1.3 billion.