Tue, Jan 27, 2015
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. Investing - U.S. investors favor currency hedged Europe ETFs as euro tumbles, Quants win back investors as Swiss franc fuels volatility gains, David Einhorn's $7bn hedge fund is loading up on this stock, Hedge fund BlueMountain Capital unveils Ocwen Financial short, claims default on notes[more]

    U.S. investors favor currency hedged Europe ETFs as euro tumbles From Reuters.com: U.S. investors stung by the falling euro who want to stay invested in Europe are turning to exchange-traded funds designed to strip out the impact of the region's currency. The biggest among so-called "cur

  2. News Briefs - Millennials use tech tools to jump into investing, Winklevoss twins to launch bitcoin exchange with FDIC insured deposits, Robertson’s legacy from hedge funds to New Zealand, Real estate managers exploring smaller open-end funds[more]

    Millennials use tech tools to jump into investing It is the Facebookification of monetary investing. From social networking platforms that enable young investors to stick to every other's stock-picking mojo, to internet sites for initially-timers hungry for a piece of the Silicon Valley

  3. Top performing private equity firms you should invest in[more]

    Komfie Manalo, Opalesque Asia: Professor Oliver Gottschalg of Paris-based HEC Business School, also known as Ecole des Hautes Etudes Commerciales de Paris has released his annual ranking of the top performing private equity firms. The 2014 HEC-DowJones Private Equity Performance Ranking

  4. Comment - Why invest in hedge funds if they don't outperform the market?[more]

    From Forbes.com: Hedge funds have always been a bit exotic and an enigma to some, but bottom line they are supposed to produce good returns using a range of strategies including global macro, event driven and relative value (arbitrage). And, sophisticated or high-net-worth individuals (HNWIs) could

  5. Owen Li 'truly sorry' for blowing up $100m of hedge fund’s assets[more]

    From CNBC.com: A hedge fund manager told clients he is "truly sorry" for losing virtually all their money. Owen Li, the founder of Canarsie Capital in New York, said Tuesday he had lost all but $200,000 of the firm's capital—down from the roughly $100 million it ran as of late March. "I take r