Starting Jan. 4, the eight-person Financial Solutions Group working inside San Dimas, Calif., Western Bridge Corporate FCU had a new employer--Warrenville, Ill.-based Balance Sheet Solutions, an SEC registered broker-dealer and investment adviser.
The team, headed by David Scott, senior interest rate risk consultant and office manager, will remain in San Dimas, serving some 150 credit unions, said Balance Sheet Solutions President Jim Toliver.
"This addition brings real depth to what we can offer credit unions," said Toliver, who added that Balance Sheet Solutions already had a team in Albany, N.Y., focused on risk management. Bringing the Western Bridge employees on board expands Balance Sheet Solution's roster of credit union customers and also gives the company a coast to coast footprint.
No money changed hands between Western Bridge and Balance Sheet, said Toliver, who explained that Western Bridge had determined to discontinue Scott's Financial Solutions Group. Various other entities had sought to hire the team but Balance Sheet Solutions was selected because its approach provides "the greatest synergy for credit union clients," said a prepared statement.
The resulting deal, Toliver said, was in fact between Balance Sheet and the individual employees.
Toliver added that what Balance Sheet hoped to gain by taking on the employee group is augmented risk management tools that will let the company's clients achieve better portfolio management.
Before hiring the San Dimas group, Balance Sheet Solutions already served around 300 credit unions through its broker/dealer relations and another 250 are investment advisory customers.