Citizens Financial Snags $1 Billion Former First Republic Advisor Team From JPMorgan Chase -- Barrons.com

Dow Jones06-04

By Andrew Welsch

Citizens Financial Group recruited a former JPMorgan Chase advisor team that managed nearly $1 billion in client assets and previously worked at First Republic Bank, the failed lender that JPMorgan acquired last year.

The team, led by advisor Brian Nagle, joined the bank's Citizens Private Wealth unit in Boston and serves ultrahigh-net-worth clients, trusts, endowments and foundations. Nagle said he and his colleagues decided to make the move because of Citizens' capabilities and resources.

A spokeswoman for JPMorgan declined to comment on the team's departure.

Nagle had been registered with First Republic from 2014 until 2023, according to BrokerCheck, a public database maintained by industry self-regulatory organization Finra. San Francisco-based First Republic was one of three lenders to collapse during last year's regional bank crisis. Scores of advisors bolted from First Republic as the bank teetered last year. Attrition slowed after JPMorgan acquired the company.

In April 2024, several former First Republic advisor teams left JPMorgan to join several competitors, including Citizens, which picked up a group that oversaw $5 billion.

Citizens, a regional bank based in Providence, R.I., is striving to expand its private wealth management business and recently hired Mark Thompson as market executive for its private bank office in Boston. Thompson previously served as CEO of Boston Private Bank and president of Cambridge Trust.

"We are excited to add another nationally recognized wealth team to our growing Citizens Private Wealth portfolio, serving Boston's ultrahigh-net-worth clients," said Tom Metzger, senior vice president of private wealth management at Citizens. "Brian and his team have a proven reputation for delivering first-class service to help clients protect and grow their wealth."

Write to Andrew Welsch at andrew.welsch@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

 

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June 03, 2024 12:50 ET (16:50 GMT)

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