Central Pacific Bank has acquired a local investment advisory firm as part of a plan to expand its wealth management services.

Central Pacific said it has purchased Pacific Island Financial Management LLC, which manages money for private clients, corporate accounts and various retirement plans.

Terms of the deal, which closed on June 30, were not disclosed.

"I am confident that PIFM's experienced team will spearhead our efforts to expand our business line, further diversify our existing business mix, and offer our valued customers competitive product offerings as well as convenient and exceptional service," said Clint Arnoldus, CPB's chief executive officer.

Pacific Island has assets of $160 million under management and represents 150 clients.

The five-person firm was co-founded by local investment executives David Kirkeby and Everett McDaniel Jr., who were appointed as senior vice presidents at Central Pacific.

Kirkeby will also serve as chief investment officer and director of investments at the bank.

Previously, Kirkeby was vice president and director of investment services and communications at Hawaiian Trust Co. and was a senior investment performance analyst at Shearson Lehman Brothers.

McDaniel, who served as principal and chief financial officer at Pacific Island, will be responsible for Central Pacific's retirement plan services.

McDaniel previously held positions at Hawaiian Trust Co. and the former Bishop Trust Co.