First Republic Launches 2017 with Another Big Merrill Hire
First Republic Bank Bank extended its image as Merrill Lynch West late last week by hiring another senior producer from Merrill’s San Francisco branch.
The San Francisco-based private bank, which has been binging on breakaways from the wirehouse since purchasing Luminous Capital in 2012 for $125 million, last week recruited Hank Holland from Merrill’s high-echelon private banking and investment group (PBIG).
Holland, who left his Merrill office on Friday in advance of the long Martin Luther King, Jr., holiday weekend, oversaw about $500 million of client assets at PBIG, a First Republic spokesman confirmed. The 50-year-old broker did not return a call for comment.
Holland joined Merrill in 2017 after 12 years as one of Sanford C. Bernstein’s biggest wealth management producers, according to his biography on the webpage of a beverage company where he serves as a director. It promotes him as managing a “proprietary investment strategy for ultra high net worth individuals,” including serving as the “core trusted advisor” for 17 such families. He’s also an investor in a number of large ranches and cattle companies, according to his Financial Industry Regulatory Authority BrokerCheck report.
Since First Republic bought Luminous, which was started by six Merrill Lynch alumni, it has steadily cherry-picked top West Coast brokers from the firm. The hiring accelerated after the bank recruited Brian Riley, Merrill PBIG’s former Pacific West regional manager, in July 2015.
In August, First Republic hired Kevin Barnes, who managed $360 million for Merrill in San Francisco. That followed its capture in March of Merrill veterans James B. Marchetti and Caleb Porter.
First Republic also brought over some strategic intellectual capital when it hired Christopher J. Wolfe, Merrill Private Wealth Management’s chief investment officer, in May.
First Republic was itself owned by Merrill from 2007 until 2009, but was sold by Merrill parent Bank of America. The banking giant said the business was redundant given its own private bank operations.
First Republic, which employs 200 advisors in 69 offices, sold shares to the public in 2010.