You’ve avoided Newport Center Drive if you haven’t seen the influx of Big Finance that serves the swelling ranks of wealth here—from legacy to first-gen—and also serves our thriving middle-market businesses. What seemed odd 30 years ago—how is it that the bond boys of PIMCO came out of Newport Beach?—is a curiosity no longer. The list is too long for a 440-word column: BlackRock, Capital Group, City National, Umpqua … commercial banks, asset mangers, wealth advisories, family offices—expanding or setting up beachheads. Now the venerable are coming to OC. Cincinnati-based, 160-year-old Fifth Third Bank opened its first OC office in Irvine this year. The 13th-largest U.S. bank is leading its OC incursion with commercial banking.
“Orange County is a great American success story,” Jeff Korzenik, Fifth Third’s chief investment strategist, told The Insider. “Pro-business, quality of life, innovation, medical technology … ahead of the game. The secular story is great.”
“The challenge is you’re at full employment (3.2%).”
Korzenik is a free thinker on the latter. He’s a voluble proponent of hiring ex-offenders. “I’m going on the recent record,” he said. “Companies that carefully hire here get incredible loyalty. In the Iraq war, the U.S. military eased its standards. These enlisted soldiers out-achieve their colleagues.”
Incoming Goodwill OC boss Nicole Suydam, chronicled here a few weeks back, among the alums in Costa Mesa Friday for Vanguard University’s $13M student center groundbreaking. … Opens spring of 2020 and aims to give Lions more of a home on campus as Vanguard seeks growth (see Subrina Hudson’s report on the expansion, page 29 ) …CSUF’s annual Evening Under the Stars raised $1.1M. It featured Grammy-winning Titan trumpet player Cindy Shea and the Mariachi Divas. … First gala for new prez Fram Virjee, “extremely lucky and blessed to be here,” said the 30-year private attorney with O’Melveny & Meyers who redirected retirement plans to run the largest state school …
Grateful Dead founding member Bob Weir receives Lifetime Achievement honor at Chapman at Nov. 3 gala. Of course, Weir’s bringing his band to play a few songs, “One More Saturday Night!”
Inspiration Point: Many years back, very briefly, I’d end an evening and a few mornings with some good-time Charlies in Laguna Beach at Top of the World, looking toward the ocean … toasting our fortune. Our Buddha was Francis “Chip” Harrell—businessman, everyman and owner of “The Dirty Bird,” aka The Sandpiper Lounge. Large turnout Sept. 23 to celebrate Harrell’s 73 years of life. Chip, “It was an honor and a pleasure.”
