US-based First Western Investment Management said it more than doubled its assets with the acquisition of Californian firm Financial Management Advisors, according to Plan Adviser.

First Western Investment Management, which is an affiliate of First Western Trust Bank, agreed to acquire the registered investment advisor firm, managing approximately $1.5 billion in assets for corporations, pension funds, endowments, foundations, families, and high net worth individuals, according to a release.

Financial terms of the transaction were not disclosed.

First Western said the addition of the 14 investment professionals in Los Angeles represents an opportunity to extend its business to larger institutions, particularly in the area of fixed income asset management. 

“This is a logical continuation of our ongoing effort to serve the West’s investment advisors and money managers looking to build out their practices,” Scott Wylie, chairman and chief executive of First Western, said in a statement. “The bank is assembling an impressive record of partnering with industry leaders to provide private banking services, business scale, and succession planning to advisors and their clients,” he said.

FMA was founded in 1985.