Fri, Feb 24, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

First Republic to acquire Luminous Capital

Friday, November 02, 2012
Opalesque Industry Update: First Republic Bank, a private bank and wealth management company, and Luminous Capital Holdings, LLC, one of the nation’s leading independent wealth advisors, today announced that Luminous Capital will become part of First Republic Investment Management, Inc., a wholly-owned subsidiary of the Bank.

Based in Los Angeles, Luminous Capital provides high net worth individuals, family offices, and family foundations with strategic investment advice and asset allocation, including alternative investments. As of September 30, 2012, Luminous Capital had wealth management assets of $5.5 billion.

The six partners of the firm will sign long-term employment contracts as part of the transaction, which is expected to close by December 31, 2012, subject to customary conditions. The purchase will include substantially all of the assets of Luminous Capital and the price will be paid in cash. First Republic expects the transaction to be modestly accretive to earnings in 2013. Financial terms were not disclosed.

“Luminous Capital is an opportunity to acquire a highly successful wealth management firm with the same commitment to extraordinary client service as First Republic,” said Jim Herbert, Chairman and CEO of First Republic. “Luminous aligns with and will complement our existing wealth management capabilities.”

Luminous Capital has offices in Portola Valley on the San Francisco Peninsula and in Century City, and operates in the same markets and segments as First Republic Investment Management.

“Luminous Capital is a perfect fit with First Republic, and we welcome the opportunity to work with a team of wealth managers and bankers who have such a stellar reputation,” said Luminous Capital CEO Eric Harrison. “Luminous Capital clients will have full access to the substantial resources and capabilities of First Republic, one of the strongest and most client-centric private banks in the United States.”

Press Release

BM

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. People - Kuwait wealth fund head Al Saad said to step down after 14 years[more]

    From Bloomberg.com: Kuwait Investment Authority is set to name Farouk Bastaki as managing director, replacing Bader Al Saad who ran the world's fifth-largest sovereign wealth fund for 14 years, a person familiar with the matter said. The KIA, as the fund is known, is finalizing the appointment, said

  2. Investing - Hedge funds loading up on this dividend stock, The biggest hedge funds have been piling into bank stocks[more]

    Hedge funds loading up on this dividend stock From Incomeinvestors.com: Hedge funds are backing up the truck on Cameco Corp stock. Billionaire Jim Simons owns 389,000 shares. Other Wall Street titans - including Ray Dalio, Ken Griffin, and Chuck Royce - have been quietly building positio

  3. Legal - Fannie, Freddie shares dive after U.S. appeals court ruling[more]

    From Reuters.com: Shares of Fannie Mae and Freddie Mac tumbled more than 30 percent on Tuesday after a U.S. appeals court shut down efforts by hedge funds and other investors to pursue numerous legal claims accusing the U.S. government of seizing their profits following taxpayer bailouts. By a

  4. Institutional investors plan to raise allocations to alternative assets in 2017[more]

    Komfie Manalo, Opalesque Asia: A survey by Context Summits Miami showed that nearly 72% of institutional investors and family offices plan to raise their allocations to alternative asset managers this year, suggesting continued strong demand for the industry. "As many large, brand name f

  5. Comment - Mortgages, mergers and hedge fund fees, Fairholme's Berkowitz responds to court ruling against hedge fund suits of Fannie Mae[more]

    Mortgages, mergers and hedge fund fees From Bloomberg.com: Yesterday the U.S. Court of Appeals for the D.C. Circuit handed down an odd decision in a lawsuit over the government's nationalization of Fannie Mae and Freddie Mac. The key issue is what's called the "Third Amendment," the 2012