Bishop Street Capital Management Acquires CIC/HCM Asset Management in Merger of Hawaii Investment Managers
(Honolulu, Hawaii, May 11, 2004) Bishop Street Capital Management, the investment-management subsidiary of First Hawaiian Bank, announced today that it has signed a definitive agreement to acquire CIC/HCM Asset Management, Inc., a 14-year-old Honolulu-based investment management company headed by Michael K. Hirai, CFA. No purchase price was announced.
Hirai founded his firm as HCM Capital Management, Inc. in 1990, creating the largest independent institutional fixed-income specialist in Hawaii. Currently the company has nearly $300 million under management.
Hirai, who has more than 20 years of institutional investment experience, will join Bishop Street Capital Management as a Senior Vice President and co-director of its fixed-income investment team.
Following the transaction, Bishop Street Capital Management, a Registered Investment Advisor, will have approximately $3 billion in assets under management for Hawaii and Mainland clients including labor unions, pension funds, charitable foundations and educational endowments, and high net worth individuals.
"We're pleased to have a professional of Mike Hirai's caliber join our group. The acquisition demonstrates our bank's commitment to continue to build a strong Hawaii-based investment management team," said Don Horner President and Chief Operating Officer of First Hawaiian Bank and Chairman of Bishop Street Capital Management.
"CIC/HCM's clients will benefit from the added research, client service and administrative support that Bishop Street Capital is known for," said Hirai. "Our styles are very complementary."
"Mike's proven fixed-income strategy, which has produced excellent results for his own clients, will serve as a cornerstone for further growth for us and expands the reach of products and services which have earned us a reputation as a leader in this market," said Gregory Ratte, President of Bishop Street Capital Management.
Prior to forming HCM, Hirai was senior vice president and a principal of Denney & Denney, Inc. He began his business career in 1980 with Ernst & Whinney (now Ernst & Young), later serving as a senior consultant with Peat Marwick & Mitchell (now KPMG, LLC).
Born and raised in Hawaii, Hirai graduated from Hilo High School and the University of Hawaii and earned an MBA from the University of Southern California. He is a Chartered Financial Analyst. He serves as Chairman of the Board of Epiphany School.
Bishop Street Capital Management provides investment management services for private individuals and institutional clients. Its headquarters is in Honolulu, with a regional office in San Francisco. Bishop Street is a subsidiary of First Hawaiian Bank ($9.9 billion assets), Hawaii's oldest bank.
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