Banc of California (NYSE: BANC) in Irvine has agreed to sell its wholly owned investment adviser subsidiary, The Palisades Group. The bank will sell the division to Palisades Holdings I LLC, an entity owned by members of The Palisades Group management team that includes its chief executive, Stephen Kirch, and its chief investment officer, Jack Macdowell.

Banc of California Chairman and CEO Steven Sugarman said in a news release Wednesday that the unit’s sale aligns with the $8.2 billion-asset company’s aim “to focus on commercial banking activities and to grow incremental spread and recurring fee-based revenues.”

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.