RBC Wealth Management continues to attract advisors from the ailing First Republic Bank, with a California-based duo with $400 million in managed assets being the latest to make the jump.
The Friedman Peters Group consists of Mark Friedman and Mitchell Peters, who’ll be joining RBC in the firm’s San Francisco office. RBC Wealth Northern California Complex Director Michael Schipper said this addition was the latest example of advisors joining RBC in the region.
After Silicon Valley Bank’s collapse in early March, First Republic began to teeter, straining from SVB’s fallout on regional banks. First Republic received a $30 billion injection of deposits from 11 financial institutions and is still operating, though the bank’s stock price continues to waver in the wake of the bank’s first quarter earnings report.
The recent moves from First Republic to RBC have centered in California; earlier this month, the Todd Halbrook and Adam MacDonald Management Group, a $1 billion AUM team in Newport Beach, Calif., went to RBC. Several weeks later, First Republic advisors Brian Addington and Theresa Allen joined RBC’s San Francisco and Newport Beach locations, respectively. The two advisors totaled $555 million in assets.
Friedman’s history in the industry extends back to 1997, and includes stints with Merrill Lynch, Citigroup, and UBS, where he remained for 10 years before joining First Republic in 2017, according to SEC filings. Peters also spent much of his career at UBS, from 2005 to 2017, with shorter periods at several other firms since 1996.
Another San Francisco-based First Republic advisor, Naing Lin, has joined RBC as a senior client associate as of April 25; he left Merrill Lynch in 2020, according to his IAPD profile.
Since First Republic’s troubles began, its advisors have popped up at institutions ranging from Rockefeller and City National Bank to Morgan Stanley, UBS and JPMorgan.