Kayne Resigns as President, Chief of FarWest Financial

Fred Kayne, president and chief executive of FarWest Financial Corp. in Beverly Hills and vice chairman of its financially ailing FarWest Savings & Loan subsidiary in Newport Beach, has resigned.

Kayne, 52, said he will remain a part-time adviser to FarWest Financial and manage his own portfolio. He is an investment specialist and was responsible for managing FarWest’s securities investments.

But his value to the company was reduced by the passage last year of new federal regulations curtailing most securities investing by thrifts.

Kayne previously was a managing partner in the Los Angeles office of the Bear, Stearns & Co. investment brokerage and a longtime adviser to FarWest Chairman William Belzberg.

Kayne, who joined FarWest Financial in February, 1988, replacing Belzberg as president and chief executive, said he decided to resign last year when the new S&L; rules took effect.