News & Press Releases

Irvine-Based Financial Firm Starts Its 20th Year on Strong Footing, Executives Report at Annual Client Meeting

February 3, 2010

IRVINE, Calif. - Feb. 3, 2010 - The economic recovery in America is well underway, as evidenced by the recent report of 5.7% growth in the 4th Quarter of 2009, political commentator and frequent CNBC guest Greg Valliere told more than 400 investors and banking clients of First Foundation at its Annual Economic and Market Update.

"If we had been gathered here 12 months ago, the general consensus in this room would have been that a U.S. economic recovery was not going to happen anytime soon," said Valliere, keynote speaker at the sold out event held Friday at the Island Hotel in Newport Beach, Calif. "But now I can say with certainty we have reached the turning point where clear signs of recovery - positive economic growth, consumer confidence and business investment - will become self-reinforcing."

His optimism, tempered by a cautionary note on the growing deficit was shared by executives of First Foundation - celebrating its 20th year in business - as they reviewed the strong performance of their client portfolio in 2009 and the firm's investment strategy going into 2010.

First Foundation Advisors (FFA), a registered investment advisor and wholly owned subsidiary, ended the year with approximately $1.3 billion of assets under management with impressive results, said FFA President John Hakopian.

"Despite a conservative bias, our portfolios outperformed their benchmarks by wide margins in 2009," he said. "Our tactical positions added value, as did strong overall performance from our managers."

Rick Keller, Chairman of First Foundation, forecast a slow economic recovery over the next three to five years, with below average GDP growth, low interest rates and inflation that will slowly trend up with a continuing shift from job loss to job growth.

"The bad news is that so far this has been a jobless recovery," Keller said. "But we expect that to change with positive job growth starting this quarter."

Scott Kavanaugh, CEO of First foundation, gave closing comments at the luncheon with news of the firm's expansion into the Pasadena/Glendale area.

"This marks our first expansion beyond Orange County as we will be offering superior wealth management, consulting, trust and banking services in this region as well."

Executives told investors that FFA is well positioned to take advantage of opportunities for tactical asset allocation created by market volatility in the coming years.

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About First Foundation Inc.

First Foundation offers wealth management, consulting, trust and banking products and services through its wholly owned subsidiaries, First Foundation Advisors, a registered investment advisor, and First Foundation Bank. First Foundation has been providing financial services to the California market for 20 years. For information visit www.firstfoundationinc.com.

About Greg Valliere

Greg Valliere is the Chief Policy Strategist for the Potomac Research Group, which advises institutional investors on economic and political developments in Washington. Valliere has over 30 years of experience in covering Washington for institutional investors; he focuses on how Congress and the White House shape fiscal policy, and he also monitors the Federal Reserve Board's interest rate policies. Before joining Potomac Research, Valliere held key strategy roles for Soleil Securities, the Charles Schwab Co., and other financial institutions. He is an exclusive commentator for CNBC, appearing regularly on network programs such as "Squawk Box," "Power Lunch," and "The Closing Bell."

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this release, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this release serves as the receipt of, or as a substitute for, personalized investment advice from First Foundation Advisors.

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