News
June 29, 2004
SAN FRANCISCO -- First Republic Bank (NYSE: FRC) today announced that it will acquire the Bay Isle Private Client Asset Management division ("Bay Isle") from the Janus Capital Group Inc.
Bay Isle was formed in 1986 and currently manages approximately $600 million of assets for high net worth individuals based primarily in California and Hawaii. First Republic Bank will pay approximately $8 million in cash, and the transaction is expected to close in the third quarter of 2004 upon fulfillment of all closing conditions.
"Bay Isle Private Asset Management represents an attractive opportunity to expand our investment advisory business and to partner with a firm that shares our commitment to delivering exceptional service to clients," said Katherine August-deWilde, Executive Vice President and Chief Operating Officer of First Republic Bank.
Bay Isle Private Client Asset Management will become part of Trainer Wortham & Co., one of the nation's oldest independent advisory firms, founded in 1924, currently managing approximately $4.3 billion of equity and fixed income securities. Bay Isle manages, for individual clients, equities with a value bias and also manages fixed income. Bay Isle is located in the San Francisco area and also has an office in Honolulu, and Trainer Wortham has offices in New York, San Francisco and Palo Alto.
"Bay Isle is an outstanding investment advisor with a proven track record in helping clients articulate and achieve their financial objectives," said John Knox, President of Trainer Wortham. "The combined capabilities of Trainer Wortham and Bay Isle will enable us to provide greater choice and service to clients."
Gary Pollock, co-founder and President of Bay Isle, said: "First Republic and Trainer Wortham are outstanding organizations whose reputation for quality client service sets the standard for the industry. We're pleased to be able to offer our clients an opportunity to work with an extraordinary team of private banking and investment professionals."
First Republic Bank's wealth management group including Trainer Wortham, manages or administers approximately $12 billion for high net worth individuals, trusts, endowment and pension plans.
About First Republic Bank
First Republic Bank is a NYSE-traded commercial bank and wealth management firm. The Bank specializes in providing personalized, relationship-based wealth management services, including private banking, investment management, trust, brokerage and real estate lending. As of March 31, 2004, the Bank had total banking assets and other assets under management and administration of $21.3 billion. First Republic Bank provides its services online and through branch offices in eight major metropolitan areas: San Francisco, the Silicon Valley, Los Angeles, Orange County, San Diego, Santa Barbara, Las Vegas and New York City. More information is available on the Bank's Web site at http://www.firstrepublic.com.
Preceding press release obtained from First Republic at www.firstrepublic.com . Berkshire Capital has reprinted this press release substantially in its entirety.
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