Les Waite and Diana Calhoun joined the Los Angeles office of CIC/HCM Asset Management Inc., Honolulu, as equity portfolio managers, new positions. Both came from Mr. Waite's eponymous Los Angeles firm, which now is closed, said Michael K. Hirai, principal and CIC/HCM chief investment officer. By the end of this quarter, Mr Waite, Ms. Calhoun and the entire CIC/HCM equity team will join the Los Angeles office of Valenzuela Capital Partners LLC, New York, when the equity operations of the two firms are merged, said Mr. Hirai.
CIC/HCM manages about $250 million in active, large-cap U.S. value equities, Mr. Hirai said. Valenzuela Capital managed about $800 million as of Dec. 31, mainly in active, midcap U.S. value equities, according to data provided for Pensions & Investments' annual managers directory. CIC/HCM will continue to manage about $300 million in active U.S. bonds under its own name.