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First Republic Completes Acquisition of Bay Isle Private Client Asset Management
September 15, 2004
SAN FRANCISCO -- First Republic Bank (NYSE: FRC) today announced that it has completed the purchase of Bay Isle Private Client Asset Management division ("Bay Isle") from the Janus Capital Group Inc.
The Bank paid $8 million in cash for the firm at the closing of the transaction. Formed in 1986, Bay Isle currently manages more than $600 million of assets for high net worth individuals primarily in California and Hawaii.
"Bay Isle Private Asset Management complements our existing wealth management team and shares our commitment to exceptional client service," said Katherine August-deWilde, Executive Vice President and Chief Operating Officer of First Republic Bank. "The management team of Bay Isle is committed to remaining with the firm and working together to meet the growing demand for wealth management services."
Bay Isle Private Client Asset Management will become part of Trainer Wortham & Co., one of the nation's oldest independent advisory firms and an independent, wholly owned subsidiary of First Republic Bank. Bay Isle is located in Oakland, California, with an office in Honolulu, and Trainer Wortham is headquartered in New York, with offices in San Francisco and Palo Alto.
Trainer Wortham currently manages approximately $4.3 billion of equity and fixed income securities. Bay Isle specializes in managing equities with a value bias, as well as fixed-income securities. First Republic Bank's wealth management group, including Trainer Wortham, manages or administers approximately $12 billion for high net worth individuals, trusts, endowment and pension plans.
About First Republic Bank
First Republic Bank is a NYSE-traded commercial bank and wealth management firm. The Bank and its subsidiaries specialize in providing personalized, relationship-based wealth management services, including private banking, investment management, trust, brokerage, and real estate lending. As of June 30, 2004, the Bank and its subsidiaries had total Bank assets and other assets under management and administration of $22.0 billion. First Republic provides its services online and through branch offices in seven major metropolitan areas: San Francisco, Los Angeles, Orange County, San Diego, Santa Barbara, Las Vegas and New York City. More information is available on the Bank's Web site at http://www.firstrepublic.com.
Contact:
- Greg Berardi
- Blue Marlin Partners
- (415) 239-7826
- greg@bluemarlinpartners.com
