First Republic Picks Off Hollywood Star, This Time from UBS
After almost 14 years, Paul L. Feinstein left UBS Wealth Management and its high-net-worth unit in Century City, Calif., on Friday to join the rapidly growing network of advisors working at San Francisco’s First Republic Bank.
Feinstein, who left UBS’s “private wealth” unit with a junior broker and three sales associates, produced about $3.75 million in fees and commissions in the previous 12 months, according to Jeff Bischoff, a recruiter at Old Greenwich Consultants who worked on the transfer. The advisor oversaw around $450 million in assets under management, said a person familiar with First Republic’s wealth group.
Forbes Magazine last year ranked Feinstein 194 on its list of ‘top 200 advisors’ and reported that he managed $790 million in assets.
A UBS spokeswoman did not return a call for comment. Feinstein did not return a call for comment.
According to Bischoff, he was looking for a smaller full-service firm that specializes in high-net-worth clients, but found his options limited with the shuttering in the past two years of Credit Suisse’s, Barclays’ and Deutsche Bank’s “private-bank”-style brokerage businesses.
First Republic, which Merrill bought in 2007 and spun off in 2009 after its takeover by Bank of America, has around 200 advisors in 69 offices. It reached into Credit Suisse in 2015 to recruit Dagny Maidman, a top West Coast broker, and more recently has been targeting large teams from Merrill Lynch. Brian Riley, Merrill’s former West Coast private banking and investment group (PBIG), joined First Republic in the summer of 2015 to help its recruiting. [Editor’s Note: Riley left the bank in 2019.]
Forty-year Merrill broker James B. Marchetti and his six-person team overseeing $700 million of client assets left last year to join First Republic’s home office in San Francisco. This year, First Republic hired PBIG advisor Hank Holland in San Francisco, and in New York landed the RVH Group, a 14-person team led by veterans Larry Rothenberg and Shawn Van Vliet in New York who sources said produced around $11 million. [Editor’s note: Holland left First Republic in March 2019, according to his BrokerCheck record.]
First Republic “is taking advantage of the void left behind when Credit Suisse and Barclays and [Deutsche Bank] took the Nina, Pinta and Santa Maria back to Europe,” Bischoff said.
Feinstein began his brokerage career in 1999 at CIBC World Markets Corp/Oppenheimer. He joined UBS in 2003 for sojourns in Los Angeles and Scottsdale, Arizona, according to his BrokerCheck history.