First Republic picks up $6 billion RIA

The momentum continues for large acquisitions of registered investment advisers.
First Republic Bank, a private banking and wealth management firm, said on Wednesday that it had acquired a large multi-family office firm, Constellation Wealth Advisors, which has about $6.1 billion in assets under management.
First Republic, which has $56 billion in assets at its RIA and broker-dealer, is expected to pay approximately $115 million for the firm once the deal closes in the third quarter, according to a press release.
The deal will be “modestly accretive” to First Republic’s earnings this year, the firm said.
Constellation’s six partners have signed long-term employment contracts with First Republic as part of the deal, according to the release.
Constellation has offices in New York and Menlo Park, Calif., which is a similar geography to that of First Republic. The two focus on a similar target market of high-net-worth individuals, families and foundations.
The deal follows several other large acquisitions of registered investment advisers, including a deal for $6 billion Baker Street Advisors in January and a $60 million deal, for Banyan Partners, a $4.3 billion RIA, in July.
Terms of those deals were not disclosed.