Barron’s 100 Credit Suisse Advisor Dagny Maidman Bolts; Joins First Republic In San Francisco
The Credit Suisse migration continues to pick up speed. Millions of dollars in revenue and billions of dollars in assets are leaving the firm on a weekly basis. This past week we saw advisors with $4B in client assets out the door, just like that.
On Friday, Dagny Maidman left the firm for greener pastures. Her team took their $7M in revenue and more than $1B in client assets to a budding wealth management operation at First Republic Bank in San Francisco. Specifically, Brian Riley (formerly of Merrill PBIG fame) now runs wealth management for First Republic in San Francisco and is beginning to make quite a name for himself at his new firm. On the heels of their pick ups of Wendi Doyle and Cathy Chase, Brian has landed one of the most decorated female advisors in the country.
Dagny has an incredibly decorated career to this point. Having landed on Barron’s Top 100 Female advisors time and time again she adds tremendous credibility to First Republic’s wealth management operations. The numbers that she and her team bring to the table are huge headlines for the firm and they hope to continue to capitalize on their current momentum. A quote from a source familiar with the deal and what First Republic is doing had this to say:
“The firm (First Republic) has quietly built a highly competitive platform, executive team and culture. Adding advisors with assets in the billions is proof positive that they have everything any successful advisor would need to grow their business. Dagny is a monumental feather in their cap and they should milk the press as best they can. It is a win on several fronts that include scale, diversity and competitiveness. Dagny was courted by literally everyone on the street and chose First Republic. Big deal.”
As stated in the last sentence there – Dagny was courted by every big player on the street. Her team could have gone anywhere and gotten any number in a deal that they wanted. They eventually chose First Republic – that is really the first and last word with respect to the rise of First Republic’s budding wealth management brand.