First Republic Investment Management, a wholly-owned subsidiary of US-based private bank and wealth manager First Republic Bank, is set to acquire Constellation Wealth Advisors for nearly $115m.
Under the deal terms, First Republic will assume control of substantially all of the assets of Constellation Wealth Advisors.
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Constellation’s six partners have already signed long-term employment contracts as part of the deal, which is projected to be modestly accretive to this year’s earnings.
The deal, subject to customary closing conditions, is scheduled to be completed in the third quarter of 2015.
First Republic chairman and CEO Jim Herbert remarked: "Constellation Wealth Advisors is an opportunity to work with a highly successful wealth management firm with the same philosophy and commitment to extraordinary client service as First Republic. They align with and complement our existing wealth management capabilities."
Constellation Wealth Advisors offers strategic investment advice and asset allocation including alternative investments to high net worth individuals, families, as well as family foundations.
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By GlobalDataThe firm, which oversaw $6.1bn in wealth management assets as of 31 March 2015, operates with offices in New York City and Menlo Park.
