UBS Lands $4.5 Million First Republic Team in Walnut Creek
San Francisco-based First Republic Bank has been beefing up its advisor force with large wirehouse producers but on Friday lost a multi-million dollar team of its own to UBS Wealth Management USA.
Corley and Grover, who have 23 and 25 years of experience, did not return a request for comment.
They have a “very unique business” focused on selling private placement life insurance and private placement variable annuities to ultra-wealthy clients and professional athletes, according to an internal memo announcing the move from Northern California market head Erin Borger.
A spokesman for First Republic, which has around 200 brokers, declined to comment. Another source said that their production may have been closer to $3 million with $700 million in assets but declined to elaborate on what assets or revenue may have been excluded from the calculation.
First Republic, which has been aggressively hiring with stepped-up signing bonuses in recent years, brought on eight wealth management teams and 25 advisors last year, the company said last month in announcing its fourth quarter earnings.
Those hires, which came largely from J.P. Morgan Securities and Merrill Lynch, were below the 10 it hired in both of the prior two years but included mega Merrill Lynch producer Phil Scott and his $18-million team in Bellevue, Washington.
Corley and Grover had been with First Republic since January 2013 and previously had worked at Astera Financial Group, a registered investment advisory firm they had founded in 2008 after working at Wells Fargo’s private bank, according to BrokerCheck and their former firm biographies.
Grover was ranked in 2019 as #42 on Forbes’ list of the top wealth advisors in California, which placed his team’s assets at $662 million, but he dropped off the list last year.
UBS, the smallest wirehouse by its fewer than 6,000 brokers, has been accelerating recruiting efforts over the past year after stepping back in 2017 as it looked to cut back on the overhang of billions in forgivable loan balances.
Borger’s market in December hired the $5-million team of Darrick Walker, David Leibowitz, and Michael Muniz from Merrill Lynch to the same Walnut Creek branch. The office is overseen by Joshua Breeden, who joined almost a year ago after working as a producing manager at Morgan Stanley.