ALM First Returns to Private-Held Status
ALM First Financial Advisors LLC, a credit union financial advisory firm, said it has returned to a privately held, wholly owned status by buying back all shares previously purchased by WesCorp.
The firm said its day-to-day operations remained 100% in-house after the 2006 stock purchase and the move will have no impact on the company's daily operations. With this buyback, the reins of the company are again in the hands of the original three partners--Angela Calvert, Emily Mor? Hollis and Thomas Manley.
"Our primary motives have always been the best interests of our clients and that will never change," Calvert said. "We will continue to focus on our core businesses of ALM and investment advisory."
NCUA placed WesCorp in conservatorship in March 2009. According to ALM, it has $13 billion in assets under management and serves more than 130 clients. ALM was launched by EasCorp in 1995. EasCorp sold its 100% ownership stake in 2005 to Calvert, Hollis and Manley.