First Republic Captures Jefferies Duo with $3.5 Mln of Production
First Republic’s burgeoning private wealth management operation on Friday recruited a multi-million-dollar pair of advisers from investment bank Jefferies’ small wealth unit.
Jeremy Wenner, who a person at Jefferies said was the firm’s sole wealth adviser in San Francisco, joined First Republic Wealth Management along with his Boston-based colleague Adam Beard. The brokers jointly generated close to $3.5 million of fees and commissions from Jefferies customers who kept about $500 million in their accounts, according to people familiar with the move and the team’s bicoastal practice.
The hires burnish San Francisco-based First Republic’s reputation as one of the most aggressive hiring firms among U.S. brokers.
The bank, which has around 150 brokers, last month recruited a 15-person, $22-million production team from Merrill in Boston. It has picked up dozens of large producers from Morgan Stanley, Wells Fargo, UBS and Merrill, among other big players, since relaunching its brokerage operations some five years ago.
In turning to Jefferies, it is robbing a smaller competitor that is believed to have a brokerage force of fewer than 50 advisors in nine offices. A Jefferies spokesman did not respond to a request for comment on the size of the firm’s wealth operation or on the departures of Wenner and Beard.
Morgan Stanley last May picked off a two-advisor, $9.6-million Jefferies team in Atlanta.
Wenner, who did not return call for comment at a publicly listed number, was described by a former Jefferies colleagues as bright, young and hyper-energized. “He is a real loss for them,” the person who spoke on condition of anonymity said of the broker.
Wenner began his career at Banc of America Securities in 1999 and also has worked at SF Sentry and Thomas Weisel Partners. He remained with Weisel until 2010, helping executives of its investment banking clients manage their restricted stock positions, among other services. He joined Jefferies in August 2010 as a managing director, the same year that Weisel was sold to Stifel Financial.
Beard, a senior vice president at Jefferies, began his brokerage career in 1996 at Prudential Securities and also has worked at Deutsche Bank, Credit Suisse First Boston and GCA Savvian Advisors, according to his BrokerCheck history. He moved to Jefferies from Savvian in June 2010.