SAN FRANCISCO, May 5, 2008 (PRIME NEWSWIRE) - SKBA Capital Management, a subsidiary of Convergent Capital Management, today announced that Andrew W. Bischel has been named chief executive officer.
Bischel, who has more than 30 years of experience in the investment advisory industry and is the company's chief investment officer, replaces Kenneth Kaplan as SKBA's CEO.
Kaplan, who has more than 40 years of experience in the investment advisory business, will continue to serve as chairman of the board.
"Andy and I, and others, helped establish this firm in the late '80s, and I'm delighted that he will now become CEO," Kaplan said. "I have every confidence that our outstanding team will continue to achieve superior performance and take advantage of new growth opportunities under Andy's leadership."
"It is a real honor and a privilege to succeed Ken," Bischel said. "I look forward to building on his successes and creating an even stronger investment advisory firm that will serve its clients with continuing excellence."
SKBA Capital also announced that Joshua J. Rothe, currently director of research, has been appointed president of the company. Rothe succeeds Bischel, who has served as president since 2000. Kaplan, Bischel and Rothe will serve on the firm's board of directors.
Rounding out the company's senior management team are Shelley H. Mann, senior vice president and director of trading and operations, and Matthew D. Zuck, newly appointed to the post of senior vice president and director of corporate development.
All five of these individuals are responsible for the company's day-to-day operations.
SKBA Capital today also announced plans to launch two new fund initiatives by the middle of this year. In addition to its role as sole sub-advisor to the AHA Socially Responsible Equity Fund (Nasdaq:AHSRX), SKBA Capital is preparing to introduce the SKBA Opportunistic Value Fund and the SKBA Dividend Equity Fund. SKBA would act as the sole sub-advisor of both fund initiatives.
According to Bischel, these new investment strategies are mid-to-large capitalization value-oriented investment funds suitable within defined contributions plans.
"The development of these new funds is clearly being driven by market and client demand for investment products and services that will help them achieve a more balanced investment portfolio," he said.
As is the case with all of SKBA's investment funds, the Opportunistic Value Fund (a mutual fund) and Dividend Equity Fund (a collective trust fund) are being designed for both institutional and individual investors. The Opportunistic Value Fund has been submitted to the Securities Exchange Commission for approval, which is anticipated by the middle of this year.
About SKBA Capital Management
SKBA is an investment advisory firm that manages equity, fixed-income, and balanced portfolios for corporate and public pension funds, endowments, foundations, and high net worth investors. The company provides asset management services with a value orientation and is a recognized leader in value investing.
The firm's corporate headquarters is located at 44 Montgomery Street, Suite 3500, in San Francisco, California. The parent company of SKBA, Convergent Capital Management, is a subsidiary of City National Corporation (NYSE:CYN). For more information about SKBA Capital Management, visit the company's website at www.skba.com.
(Note: Photos available upon request)
CONTACT: City National Corporation