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Notable Reps On the Move: The Aftermath of the First Republic Bank Collapse

The banking crisis of 2023 hit markets hard in Q1 and Q2 as several large-scale banks collapsed, including San Francisco-based banking giant, First Republic, causing billions of dollars in managed assets to be redistributed across the industry as the bank's financial professionals sought new firms to take their books of business. Fueled by FINTRX data, this piece explores some of the most notable departures of financial advisors and wealth management teams from First Republic Bank, the distribution of their managed assets amongst other industry leaders, and the biggest winners of the most recent large-scale bank collapse.


 

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Background On the Banking Crisis of 2023 and First Republic's Downfall

In March 2023, a series of bank failures sent shockwaves through the financial world. Over the course of five days, three small to mid-size U.S. banks collapsed, causing a rapid decline in the stock prices of banks worldwide. The collapse of Silicon Valley Bank, triggered by a bank run after it incurred substantial losses by selling its Treasury bond portfolio at a loss, created uncertainty and turbulence in the market, setting other financial institutions up for potential losses.

Not long after SVB, another significant casualty of the banking crisis emerged: First Republic Bank, a San Francisco-based firm specializing in private banking for high-net-worth individuals. The bank faced the challenge of a substantial amount of uninsured deposits exceeding $250,000, leaving those balances vulnerable. As the crisis unfolded, depositors became increasingly concerned about the bank's stability, prompting them to withdraw their funds. Despite efforts to stabilize the situation, including a $30 billion capital infusion from major banks, First Republic's stability rapidly declined.

First Republic's credit rating took a major hit when credit agencies highlighted the high proportion of uninsured deposits and a loan-to-deposit ratio that indicated the bank had lent out more money than it had in customer deposits. Withdrawing over $100 billion in uninsured funds, primarily from its high-net-worth clients, further destabilized the bank, and its reliance on municipal bonds limited its access to emergency lending programs.

Eventually, the bank's stock price plunged as investors lost confidence, and the FDIC initiated an auction process to find a buyer for First Republic. Ultimately, JPMorgan Chase acquired First Republic's assets for roughly $10.6 billion, marking the official end of the bank.

 

The Outcome

In response to the downturn of the bank, First Republic's wealth management teams and financial advisors unsurprisingly began seeking out other firms where they could take their books of business, inevitably leading to billions of dollars in managed client assets departing the firm in favor of competing financial institutions.

 

 

The Biggest Winners of the First Republic Bank Collapse

Cresset Asset Management 

Screen Shot 2023-07-17 at 10.51.42 AM

Headquartered in Chicago, Cresset Asset Management is a rapidly-growing young firm. Founded in 2017 as a multi-family office emphasizing private equity investing, Cresset had already amassed over $25 billion in assets under management prior to 2023 and continues to grow exponentially, having acquired several financial services companies since 2019.

Their big win in the First Republic collapse came in the form of a team--previously known as Constellation Wealth Advisors--that managed over $12 billion in AUM at First Republic. Operating out of Greenwich, CT and Menlo Park, CA, the team brings an impressive book of business to Cresset, promising continued high-level growth for the firm.

 

Morgan Stanley

Screen Shot 2023-07-17 at 10.52.35 AM

Morgan Stanley has been a preeminent financial services company in the US since its inception in 1935. The firm boasts an impressive $1.2 trillion in assets under management and offers a wide range of services to its clientele, acting as a qualified custodian, wirehouse and investment bank in addition to its wealth management and bank services.

The firm made big moves during First Republic's downfall, pulling in over $8 billion in managed assets from individual advisors and teams. Among the number who made the move to Morgan Stanley was The SF Summit Group, a strong team led by Sean Bricmont and Steve Marotto which brought in upwards of $4 billion in managed assets alone.

 

Rockefeller Capital Management

Screen Shot 2023-07-17 at 10.53.03 AM

Though founded in only 2018, Rockefeller Capital Management can trace its roots to the first single family office that served the Rockefeller family beginning in the late 1800s. Bolstered by its rich history, Rockefeller has achieved rapid growth over its six years, currently managing roughly $35 billion in assets. The firm provides family office, investment banking, and broker dealer services for its 22,000+ clients.

It's clear that the firm has no intention of slowing its growth following First Republic's collapse, pulling over $4 billion in additional AUM from two of their wealth management teams and independent advisor Daniel Selcow. With these acquisitions, Rockefeller is poised to continue to expand and generate high returns for its clients.

 

 

Advisors & Wealth Management Teams On the Move

Where have some of First Republic's largest books of business gone since the bank's collapse?

Unsurprisingly, some of the most notable migrations from First Republic Bank have been to other large financial institutions, with total assets under management ranging from $18.5 billion at IEQ Capital to over $1.2 trillion at Morgan Stanley.

The visual below shows the movement of total managed assets of the wealth management teams and individual advisors featured in this report from First Republic Bank to their new respective firms.

Screen Shot 2023-07-17 at 10.54.32 AM

The overwhelming majority of the offices of the private wealth teams and advisors featured in this report are located in San Francisco and throughout the Bay Area, with others located in financial hotspots such as New York City or greater Los Angeles. The map below represents the estimated value of managed assets by team location.

Screen Shot 2023-07-17 at 11.02.41 AM

**Constellation Wealth Advisors ($12.3B) operates out of both CT & CA; the team is represented in both states on this map.

 

Below, we highlight some of the most notable wealth management teams and individual advisors that made the move from First Republic to other financial institutions following the bank's collapse.

Teams and partners are listed together--private wealth group names used where applicable.

 


 

Constellation Wealth Advisors

Est. AUM: $12.3B+

Screen Shot 2023-07-17 at 11-46-53 AM

George BoudriaLinkedIn_logo_initials

1-2


Sam KatzmanLinkedIn_logo_initials

 2-2

 

Duke MulvoyLinkedIn_logo_initials

 3-1

 

Angela RaitzinLinkedIn_logo_initials

 4-2

 

Paul TramantanoLinkedIn_logo_initials

 5-2

 

 Screen Shot 2023-07-17 at 12-57-58 PM-1

David AriziniLinkedIn_logo_initials

6-3

 

Jon GoldsteinLinkedIn_logo_initials

7-2

 

Michael JacksonLinkedIn_logo_initials

8

 

Michael TexidoLinkedIn_logo_initials

9

 

 

The SF Summit Group

Est. AUM: $3.9B+

Screen Shot 2023-07-17 at 1.08.41 PM

Sean BricmontLinkedIn_logo_initials

1-3

 

David DudekLinkedIn_logo_initials

2-3

 

Stephen MarottoLinkedIn_logo_initials

3-2

 

Randy PetersonLinkedIn_logo_initials

4-3

 

 

Steven LevineLinkedIn_logo_initials

Est. AUM: $2.5B+

Screen Shot 2023-07-17 at 1.43.20 PM

5-3

 

 

Liberty Wealth Partners

Est. AUM: $2.3B+

Screen Shot 2023-07-17 at 2.39.52 PM

Timothy DeygooLinkedIn_logo_initials

6-4

 

David FarberLinkedIn_logo_initials

7-3

 

Schuyler PerryLinkedIn_logo_initials

8-1

 

Larry RothenbergLinkedIn_logo_initials

9-1

 

Shaun Van VlietLinkedIn_logo_initials

10

 

 

Laura WardLinkedIn_logo_initials

Est. AUM: $2.1B+

Screen Shot 2023-07-17 at 2.41.25 PM

11

 

 

Adam Beard & Jeremy Wenner

Est. AUM: $1.6B+

Screen Shot 2023-07-17 at 2.42.59 PM

Adam BeardLinkedIn_logo_initials

12

 

Jeremy WennerLinkedIn_logo_initials

13

 

 

Catherine Kramer & Wendi Doyle

Est. AUM: $1.3B+

Screen Shot 2023-07-17 at 2.43.09 PM

Catherine Chase KramerLinkedIn_logo_initials

First Republic Bios

 

Wendi DoyleLinkedIn_logo_initials

15

 

 

Nicholas Davey & Alexander Kadish

Est. AUM: $1.1B+

Screen Shot 2023-07-17 at 2.42.59 PM

Nicholas DaveyLinkedIn_logo_initials

16

 

Alexander KadishLinkedIn_logo_initials

17

 

 

Marchetti Porter Wealth Partners

Est. AUM: $1.1B+

Screen Shot 2023-07-17 at 3.11.00 PM

James B. MarchettiLinkedIn_logo_initials

18

 

James L. MarchettiLinkedIn_logo_initials

19

 

Caleb PorterLinkedIn_logo_initials

20

 

 

The Todd Halbrook & Adam MacDonald Management Group

Est. AUM: $880M+

Screen Shot 2023-07-17 at 3.20.19 PM

Todd HalbrookLinkedIn_logo_initials

21

 

Vincent Lovoy

22

 

Adam MacDonaldLinkedIn_logo_initials

23

 

 

Jeff CoburnLinkedIn_logo_initials

Est. AUM: $760M+

Screen Shot 2023-07-17 at 3.25.08 PM

24

 

 

Renee Provencher & Bart Zitnitsky

Est. AUM: $740M+

Screen Shot 2023-07-17 at 3.27.32 PM

Renee ProvencherLinkedIn_logo_initials

25

 

Bart ZitnitskyLinkedIn_logo_initials

26

 

 

Daniel SelcowLinkedIn_logo_initials

Est. AUM: $680M+

Screen Shot 2023-07-17 at 2.39.52 PM

27

 

 

Friedman Peters Group

Est. AUM: $540M+

Screen Shot 2023-07-17 at 3.49.31 PM

Mark FriedmanLinkedIn_logo_initials

28

 

Mitchell PetersLinkedIn_logo_initials

29

 

 

Thomas Moore III

Est. AUM: $490M+

Screen Shot 2023-07-17 at 3.56.19 PM

30

 

 

Dinh TruongLinkedIn_logo_initials

Est. AUM: $470M+

Screen Shot 2023-07-17 at 3.57.57 PM

31

 

 

Natalie SchnuckLinkedIn_logo_initials

Est. AUM: $320M+

Screen Shot 2023-07-17 at 1.08.41 PM

32

 

 

Disclaimer: This report and accompanying information has been derived using FINTRX-proprietary data and is not inclusive of all rep/employee movements from First Republic Bank. All information contained within is accurate to the best of our knowledge, including--but not limited to--estimated reported AUM (as of July 2023), job titles, etc. This report and its data are not intended for reproduction and should not be used as official investment advice. FINTRX does not have any affiliation with any persons or entities included in this report. Any use of this report or its contents is at the sole discretion and responsibility of the user. FINTRX shall not be held liable for any errors or omissions in the information provided herein.


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