First Republic Picks Off Hollywood Star, This Time from UBS
After almost 14 years, Paul L. Feinstein left UBS Wealth Management and its high-net-worth unit in Century City, Calif., on Friday to join the rapidly growing network of advisors working at San Francisco’s First Republic Bank.
Feinstein, who left the “private wealth” unit with a junior broker and three sales associates, produced about $3.75 million in fees and commissions in the previous 12 months, according to Jeff Bischoff, a recruiter at Old Greenwich Consultants who worked on the transfer. He oversaw around $450 million in assets under management, said a person familiar with First Republic’s wealth group.
Forbes Magazine last year on its list of the ‘top 200 advisors’ and reported that he managed $790 million in assets.
A UBS spokeswoman did not return a call for comment. Feinstein did not return a call for comment.
According to Bischoff, he was looking for a smaller full-service firm than a wirehouse that specializes in high-net-worth clients, but found his options limited with the shuttering in the past two years of Credit Suisse’s, Barclays’ and Deutsche Bank’s “private-bank”-style brokerage businesses.
First Republic, which Merrill bought in 2007 but spun off in 2009 after being purchased by Bank of America, has around 200 advisors in 69 offices. It reached into Credit Suisse in 2015 to recruit Dagny Maidman, one of its top West Coast brokers, and more recently has been targeting large teams from Merrill Lynch, including those led by Jim Marchetti, in northern California and around the country with the help of former Merrill regional director Brian Riley, who joined the bank in the summer of 2015.
The multi-million-dollar producing Merrill recruits who followed included James Marchetti and this year in San Francisco and New York respectively, Hank Holland and the RVH Group led by veterans Larry Rothenberg and Shawn Van Vliet.
First Republic “is taking advantage of the void left behind when Credit Suisse and Barclays and [Deutsche Bank] took the Nina, Pinta and Santa Maria back to Europe,” Bischoff said.
Feinstein began his brokerage career in 1999 at CIBC World Markets Corp/Oppenheimer before moving to UBS in 2003 for sojourns in Los Angeles and Scottsdale, Arizona, according to his BrokerCheck history.