DENVER - The management of Denver Investment Advisors has reached an agreement with First Interstate Bancorp to buy the controlling interest in the firm, formerly a wholly owned subsidiary of First Interstate.
First Interstate will have a financial, non-controlling stake in the firm, which has been renamed Denver Investment Advisors L.L.C. and will focus mainly on the institutional market.
All of Denver Investment Advisors' employees will remain.
The firm will continue to manage First Interstate's pension plans and subadvise the Westcore mutual funds offered by First Interstate. The firm eventually will offer its own mutual funds.
The transaction is expected to close during the first quarter of 1995, but Denver Investment Advisors will start operating under its new name as of Jan. 1. The terms of the sale were not disclosed.