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The Honolulu Advertiser

Posted on: Friday, June 6, 2003

Central Pacific hires ex-Bankoh staffers for investment unit

 •  Central Pacific chief calls vote flawed

By John Duchemin
Advertiser Staff Writer

DAVID ZERFOSS

In a move to expand into portfolio management, Central Pacific Bank has hired away five Bank of Hawaii employees to create a new asset-management division.

David Zerfoss, Bank of Hawaii's former senior vice president in charge of its asset-management group, has become chief investment officer at Central Pacific.

Also moving to Central Pacific are fixed-income specialist Yvonne Lim, a former Bank of Hawaii portfolio manager; equity specialists Scott Takemoto and Derwin Osada, both former Bank of Hawaii vice presidents; and portfolio manager Lorene Okimoto, a former Bank of Hawaii fixed-income manager.

The move comes as Bank of Hawaii restructures its $7 billion asset-management division and Central Pacific attempts to raise its profile in the investing niche.

Central Pacific manages only a few million dollars' worth of investment portfolios, but Clint Arnoldus, chairman and chief executive, said the new employees will expand the level of service the bank can offer.

Bank of Hawaii officials said they replaced Zerfoss with Howard Hodel, an executive vice president in charge of the bank's investing group. Hodel, who came to the bank in January, expanded his duties to include those of Zerfoss, who had been Hodel's subordinate.

Zerfoss, who has 34 years of experience in portfolio management in Hawai'i, is chairman-elect of the American Heart Association-Hawaii.

The five bankers left Bank of Hawaii in February, but Central Pacific is expected to announce the move formally today.

Group movements are not unusual in the finance industry. Banks and investment firms will attempt to hire away successful teams from competitors, offering bonuses and increased salaries as an enticement to switch.

Last year, Central Pacific hired a group of First Hawaiian Bank trust officers to expand its trust-management services.