The purchase will include substantially all of the assets of Luminous Capital. Financial terms were not disclosed.
Post acquisition, Luminous Capital will become part of First Republic Investment Management, Inc., a wholly-owned subsidiary of the bank.
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Luminous Capital provides high net worth individuals, family offices, and family foundations with strategic investment advice and asset allocation, including alternative investments.
Luminous Capital has offices in Portola Valley on the San Francisco Peninsula and in Century City. As of 30 September 2012, Luminous Capital had wealth management assets of US$5.5 billion.
In a statement, First Republic Bank said that the six partners of the firm will sign long-term employment contracts as part of the transaction, which is expected to close by 31 December 2012, subject to customary conditions.
Commenting on the deal, First Republic chairman and CEO, Jim Herbert, said Luminous Capital is an opportunity to acquire a highly successful wealth management firm with the same commitment to extraordinary client service as First Republic.
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By GlobalData"Luminous aligns with and will complement our existing wealth management capabilities," he added.
Luminous Capital was advised by Keefe, Bruyette & Woods, and the law firm of Paul Hastings, LLP. First Republic was advised by Silver Lane Advisors and the law firm of Arnold & Porter, LLP.
