First Republic Bank has hired a New York area team of wealth managers from Merrill Lynch.
The nine-person team is led by Harold Reinstein and Michael Nelson, both of whom previously spent more than two decades at Merrill Lynch and have joined First Republic Investment Management as managing directors based in the Westchester County suburb of Scarsdale, New York.
Their team will provide portfolio management, retirement planning and investment consulting services to individuals, families, nonprofits and foundations, the San Francisco bank said in a press release.
Other members of the team include Daniel Sirota and Pascale Hainline, who have joined First Republic as senior vice presidents, and Kimberly Ferry, who was hired as a vice president. All three are former wealth management executives at Bank of America's Merrill division.
The wealth management team "will further strengthen our ability to serve the New York metropolitan area," Bob Thornton, president of First Republic's private wealth management group, said in the press release.
In August, First Republic announced the hiring of two other Merrill Lynch wealth management executives, Radhika Mehta and Nick Fanneron, in the New York area.
During the second quarter, wealth management fees at First Republic were the primary driver of 16% year-over-year growth in noninterest income. The bank's wealth management revenue was up 26.4% to $232 million from the second quarter of 2021.
The latest hires follow a year of executive leadership changes at First Republic.
After the surprise resignation of Hafize Gaye Erkan, who was widely expected to become First Republic's next chief executive, Mike Roffler
And in August, the $198 billion-asset bank
