Fri, Aug 1, 2014
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. Opalesque Exclusive: Kyria Capital Management bets on women hedge fund managers[more]

    Bailey McCann, Opalesque New York: As hedge fund assets top $3 trillion, and long/short strategies get more crowded than ever, with every manager hunting for even the tiniest bit of alpha, a new firm has emerged that claims its own edge – women. A recent Rothstein Kass study showed women-owned a

  2. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  3. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  4. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  5. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by