Elliott Cove will provide investment management products to community banks, individuals and financial advisors, beginning in the first quarter of 2003. The products include structured portfolios of index funds, such as groups of stocks, bonds and real estate investment trusts (REITs).
Northrim’s investment in Elliott Cove will be done through a new subsidiary, Northrim Investment Services Company (NISC). NISC will initially hold a 42% Elliott Cove interest, which is expected to decrease upon completion of Elliott Cove’s pending private placement. However, NISC’s interest will not fall below a 22% ownership interest.
Marc Langland, Northrim’s chairman and CEO, will also serve on Elliott Cove’s management committee.