A New York-based team managing almost $1.2 billion in client assets is joining RBC Wealth Management from JP Morgan Wealth Management, RBC announced.

The Pensato Slayne Group includes Managing Directors Arthur Pensato and William Slyane (also financial advisors and senior portfolio managers), Vice President and Senior Financial Associate Lindsay Hansman, Vice President and Senior Business Associate Carrie Port, and Investment Associates Connor Secora and Lloyd King.

“This group stands out as one of the most elite wealth management teams in New York City, and RBC is proud to welcome them,” RBC Wealth Management New Complex Director John Moran said of the deal.

Pensato and Slyane spent years with First Republic Bank before joining JP Morgan. The last bank decided to to take over the First Republic Bank after it failed in 2023, part of the dominoes of institutions as a result of the collapse of Silicon Valley Bank.

After the failure, regulators briefly seized First Republic and JPMorgan stepped in after other private rescue efforts failed. It was the second largest bank failure in US history and the largest since 2008, surpassing SVB.

However, some were concerned about a potential cultural mismatch for First Republic Advisors transitioning to JPMorgan after the sale.

According to Max Schatzow, a partner with RIA Lawyers, many First Republic counsel came from wire offices and other large institutions and chose First Republic to escape those confines. Several First Republic advisors were sent to other firms shortly before and after the sale of First Republic to JPMorgan, including some in RBC.

in October, RBC pulled two teams from Morgan Stanleyincluding a team based in Baltimore that manages more than $1 billion in client assets. At the end of October, the bank had about $640 billion in total client assets, with more than 2,200 advisers in 192 locations in 42 states.