Bicoastal Money Management Merger

Laurel Management is a registered investment advisor with about 60 clients. It oversees their investments in domestic and international equities, real estate, hedge funds, and debt–Offit’s specialty. The new firm, says Offit, will serve as a “chief investment officer” for its clients.

After selling out to Wachovia, Offit was named a director and stayed on as CEO of his trust bank. But last year he was forced out of both posts when he became the lone dissenter in the Wachovia board’s 14-1 vote to turn down an unsolicited merger offer from SunTrust Banks Inc. The board reaffirmed its support for an existing plan to merge with First Union Corp., creating the nation’s fourth-largest bank.