Two executives of Oakmont Corporation, a boutique investment firm, joined with a third partner to launch Springbanc today, a multi family office targeted at high net worth individuals specifically on the West Coast of the US. Jonathan Jaffrey, the former Oakmont president told WealthBriefing he wanted to bring on between 20-25 clients in the next four to five years, each with over $100 million. Mr Jaffrey joined Kashif Sheikh, former Oakmont executive vice president, and David Abrams, former president of micro-irrigation company, Aquarius Brands. In addition to the multi family office Mr Jaffrey said Springbanc consisted of a philanthropy consultancy and private equity group that serves high net worth individuals, families and foundations. “The timing was right [to start our own business], we are all very entrepreneurial and I have experience in private equity, I think there is a big opportunity on the West Coast for this sort of private client service,” he said. Springbanc will launch with seven private client advisors. Mr Jaffrey said he intended to keep the Springbanc multi family offices’ growth exclusively to the West Coast to focus on the needs of private clients in the region. The Springbanc office opened today in Los Angeles.