Another advisory team that joined JP Morgan Wealth Management after the firm bought First Republic is set to leave.
In this case, a Boston-based team led by Brian Nagle, which manages about $1 billion in client assets, is leaving JP Morgan for Citizens.
Nagle's departure follows that of a team of former San Francisco First Republic advisers with about $5 billion in assets under management who also decided to join Citizens from JP Morgan in April.
Nagle is becoming a managing director at Citizens Private Wealth, leading a team that specializes in managing equity and balanced portfolios for ultra-high net worth clients, trusts, foundations and endowments. Nagle joined First Republic in 2013. Prior to that, he was a vice president and senior portfolio manager with BNY Mellon Wealth Management, according to Nagle's profile of JP Morgan.
The collapse of Silicon Valley Bank sent shockwaves through the banking industry last March, with First Republic reporting as one of the casualties in its aftermath. It became the second largest bank failure in US history (and the fourth regional bank to fail after SVB).
Regulators briefly seized First Republic before JPMorgan Chase stepped in, seizing First Republic's roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits. First Republic Wealth Management managed approximately $290 billion in client assets at the time of the crisis.
Many First Republic advisers chose to move to JPMorgan after the collapse, including Nagle, who became a managing director and wealth manager with JP Morgan Wealth Management while based in Boston.
“Citizens Private Wealth provides a platform that elevates the way we serve clients with the most complex needs,” Nagle said of the transition.
Additionally, Citizens announced that Mark Thompson, former CEO of Boston Private Bank and president of Cambridge Trust, will become market executive for Citizens Private Bank's Boston office, which opened this year. According to the Citizens, Thompson's appointment and Nagle's move were part of a broader, strong effort to focus on Boston.
In Aprill, The Citizens announced a former First Republic team based in San Francisco would be joined by JPMorgan. The team included senior managing directors Rick Gordon and Hugh Beecher and managing director Andrew Curto. Beecher previously worked at Goldman Sachs and Credit Suisse, while Gordon cut his teeth at Barclays and Lehman Brothers; both joined First Republic in 2016, according to FINRA records.
The Citizens Teams weren't the only former First Republic advisers to leave JPMorgan in recent months.
In the same week as Gordon, Beecher and Curto's move, a 12-person team based in Florida with $3.5 billion in AUM who made the move from First Republic to JPMorgan decided to leave for Merrill Lynch. The team included four wealth managers and six client associates.
In Aprill, Cresset added two teams based in San Francisco total $5 billion in assets managed by JP Morgan Wealth Management. The teams, which originated at First Republic, included three lead advisers and 12 support advisers managing assets for 160 client families. in March, Rockefeller Capital Management recruited another former First RepublicThe California-based team manages about $922 million in assets from JPMorgan.
The move from First Republic to JPMorgan it was a “full circle” move. for many of the bank's former advisers. Many began their careers at mass brokerages before joining First Republic, only to find themselves back at a mass firm after the acquisition. A 2023 WealthManagement.com The analysis found that 69% of First Republic advisors were joined by an electronic or major firm, including Ameriprise, Goldman Sachs, JPMorgan, Raymond James and Credit Suisse, among others).