A Los Angeles government consultancy and financial advisory firm has rebranded to Kosmont Financial Services and hired some well-known names in California public finance.
The 36-year-old firm, a certified minority business enterprise, and certified small business enterprise, was founded by Larry Kosmont, the firm's chairman and chief executive officer.
The firm's name has gone through some transformations over the years, from Kosmont Companies to Kosmont Transaction Services to its current branding.
It provides economic development, public/private finance and real estate development services; and has long been a bridge between private industry and government agencies.
"We changed the name to financial services, because that is what we are spending more time doing," Kosmont said.
Like Kosmont, the new additions — Julio Morales and Scott Mitnick — have worked in the private and public sectors. All three have stints as city manager on their resumes and all are SEC-licensed financial advisors. KFS is registered with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board as a municipal advisor.
"I was a city manager from 1975 to 1986, starting with Santa Monica as an assistant manager, then Seal Beach as an assistant city manager, and then city manager at Bell Gardens, then finished as director of development services in Burbank," Kosmont said. "We have a big municipal practice, including cities, counties and special districts."
As an ex-city manager himself, Kosmont realizes that experience works well in helping to advise local governments, which is why he said he is enthusiastic about bringing on Morales and Mitnick.
"We have a lot of very good talent," Kosmont said. "We have other Series 50s who haven't been a city manager but are serving our practice well."
Morales, a banker turned city manager, joined as a senior managing director. Mitnick, hired as a senior vice president, spent the past 30 years working in various financial positions in government, as well as stints as a private financial advisor.
Stephanie Ontiveros, who joined as a vice president, has worked as a financial consultant for over 90 cities, agencies and special districts in the state. She specializes in property tax and tax increment analysis, forecasting and budgeting.
The changes to the firm have been in response to economic shifts as well as regulatory changes in California. It has pivoted to state and local government priorities in the post-COVID digital world, most recently, and had expanded from its original real estate-focused mission after former Gov. Jerry Brown dissolved community redevelopment agencies more than a decade ago.
"This economy is so different that cities and counties are realizing there is not just one solution, [particularly when it comes to fixing the state's housing crisis]," Kosmont said. "It's not just about finance, or just about housing, or just about zoning. It's also how do you salvage the regional retail centers. How do you form special districts? How do you capture value?"
Kosmont has long worked as a financial advisor helping troubled cities regain their financial footing. One of the cities Kosmont
In 2011, he worked with Montebello to craft financial solutions that included issuing municipal bonds and building a more transparent financial system that adhered to best financial practices.
Morales was a city manager for a couple of east Los Angeles County cities that were struggling, after cutting his teeth as a public finance banker.
Morales worked as a financial advisor for PFM, Urban Futures, and Fieldman Rolapp; and as an investment banker for Bank of America. Most recently he was city manager for Huntington Park, finance director for the city of El Monte, as well as working for the city of Oakland and the Housing Authority of the city of Los Angeles.
Mitnick has spent the past 30 years working in various financial positions in government. That includes as city manager for El Segundo and Thousand Oaks, county administer for Sutter County, assistant city manager for the city of Thousand Oaks, finance director for Yuba City, budget administrator for Burbank, and budget officer for Brea.
He has also held senior level private sector positions, including director with KNN Public Finance in Oakland, and managing director with Stifel Public Finance in downtown Los Angeles.
