Education
Fullerton-based Marshall B. Ketchum University’s College of Pharmacy received precandidate status from the Accreditation Council for Pharmacy Education, authorizing the college’s first doctoral students to start in the fall. Precandidate status is for early-stage programs that are poised to grow. Ketchum’s next step is to obtain candidate status, which it anticipates for next summer. Full accreditation can be granted only after the first class graduates.
Finance
Pacific Investment Management Co. in Newport Beach named Emmanuel “Manny” Roman its chief executive, replacing Douglas Hodge, who will become a managing director and senior adviser to the company. Roman had been chief executive of Man Group Plc in London, one of the world’s largest publicly traded alternative asset managers (see related OC Insider column, page 3).
Costa Mesa-based investment adviser New Market Wealth Management has a new equity investor in Cliffwater LLC, an investment adviser in Los Angeles. Cliffwater has minority ownership in New Market Wealth Management, said the latter’s chief executive, Daryl Deke.
Irvine-based Opus Bank agreed to sell its La Quinta branch in Coachella Valley to the Bank of Southern California in San Diego on undisclosed terms. The deal will close on Aug. 19, pending regulatory approval. Opus will retain lending relationships with customers in La Quinta but leave the Coachella Valley market when it transfers about $13 million in deposits to the Bank of Southern California. The sale leaves Opus with 58 branches spread across California, Oregon and Washington, mostly in coastal markets.
Real Estate
Pacific City shopping center in Huntington Beach has a new owner in the real estate division of New York-based asset management firm TIAA Global Asset Management, which said it bought a 70% stake in the outdoor retail center for an undisclosed amount. San Jose-based DJM Capital Partners, the project’s developer, retains the remaining 30% stake in Pacific City and will continue to manage the property. TIAA bought its stake from DJM’s former partner in the project, an undisclosed private investor. The 190,900-square-foot center opened last year.
Services
Oculus Architecture LTD moved its headquarters to Costa Mesa from the Chicago suburb of Hickory Hills. The firm promoted Chris Coonan from vice president to managing principal and president and announced Paul Sterner, formerly of San Francisco-based design firm Gensler, joined as executive vice president.
Technology
Ingram Micro Inc.’s pending $6 billion sale to Chinese conglomerate Tianjin Tianhai Investment Co. Ltd. ran into its first hurdle that could ultimately derail the deal when the Shanghai Stock Exchange sent it a letter requesting a more detailed summary of financing for the acquisition and associated risks and compliance. Tianhai, which has assets of nearly $2 billion, planned to partially fund the deal through $1.3 billion it raised in 2014 for the acquisition of tankers and liquid natural gas carriers. The letter and pending response prompted Tianjin to delay its shareholder vote to July 29. Ingram Micro also announced it will submit a report on the deal with Tianjin to the Committee on Foreign Investment in the U.S., a panel of representatives from federal agencies that has purview over acquisitions and mergers involving U.S. businesses that raise national security concerns.
