One other advisory group that joined J.P. Morgan Wealth Administration after the agency purchased First Republic is opting to go away.
On this case, a Boston-based group led by Brian Nagle, which manages about $1 billion in shopper property, is leaving J.P. Morgan for Residents.
Nagle’s departure follows that of a San Francisco group of former First Republic advisors with about $5 billion in managed property, who additionally determined to affix Residents from JP Morgan in April.
Nagle is turning into a managing director at Residents Non-public Wealth, working a group that focuses on managing fairness and balanced portfolios for ultra-high-net-worth shoppers, trusts, endowments and foundations. Nagle joined First Republic in 2013. Earlier than that, he was a vp and senior portfolio supervisor with BNY Mellon Wealth Administration, based on J.P. Morgan’s profile of Nagle.
Silicon Valley Financial institution’s collapse despatched shockwaves by way of the banking trade final March, with First Republic succumbing as one of many victims in its aftermath. It grew to become the second-largest financial institution failure in U.S. historical past (and the fourth regional financial institution to fall after SVB).
Regulators briefly seized First Republic earlier than JPMorgan Chase stepped in, buying about $173 billion of First Republic’s loans, $30 billion in securities and $92 billion in deposits. First Republic Wealth Administration managed roughly $290 billion in shopper property on the time of the disaster.
Many First Republic advisors opted to maneuver to JPMorgan after the collapse, together with Nagle, who grew to become a managing director and wealth supervisor with J.P. Morgan Wealth Administration whereas based mostly in Boston.
“Residents Non-public Wealth presents a platform that elevates how we serve shoppers with essentially the most complicated wants,” Nagle stated in regards to the transition.
Moreover, Residents introduced that Mark Thompson, the previous CEO of Boston Non-public Financial institution and president of Cambridge Belief, would turn out to be the market government for Residents Non-public Financial institution’s Boston workplace, which opened this 12 months. Based on Residents, Thompson’s appointment and Nagle’s transfer have been a part of a broader agency effort to concentrate on Boston.
In April, Residents introduced a former San Francisco-based First Republic group would be a part of from JPMorgan. The group included senior managing administrators Rick Gordon and Hugh Beecher and managing director Andrew Curto. Beecher beforehand labored at Goldman Sachs and Credit score Suisse, whereas Gordon reduce his tooth at Barclays and Lehman Brothers; each joined First Republic in 2016, based on FINRA data.
The Residents groups weren’t the one former First Republic advisors to go away JPMorgan in current months.
The identical week because the transfer by Gordon, Beecher and Curto, a Florida-based 12-person group with $3.5 billion AUM that made the transfer from First Republic to JPMorgan opted to go away for Merrill Lynch. The group included 4 wealth managers and 6 shopper associates.
In April, Cresset added two San Francisco-based groups totaling $5 billion in managed property from J.P. Morgan Wealth Administration. The groups, which originated at First Republic, included three lead advisors and 12 supporting advisors who managed property for 160 shopper households. In March, Rockefeller Capital Administration recruited one other former First Republic, Califorinia-based group managing about $922 million in property from JPMorgan.
The transfer from First Republic to JPMorgan was a “full circle” transfer for most of the former financial institution’s advisors. A lot of them began their careers in large brokerages earlier than becoming a member of First Republic, solely to search out themselves again at a large agency after the acquisition. A 2023 WealthManagement.com evaluation discovered that 69% of First Republic advisors joined from a wirehouse or giant agency, together with Ameriprise, Goldman Sachs, JPMorgan, Raymond James and Credit score Suisse, amongst others).
