$450M UBS adviser poached by First Republic

An adviser who managed $450 million in client assets while working at UBS has jumped to First Republic, sources said.

Paul Feinstein generated over $3.6 million in revenue at the wirehouse in 2016, according to two people familiar with the matter. First Republic announced Feinstein's move to its private wealth division in a statement released on Monday. He will oversee individual and family management, as well as estate planning services, out of a Los Angeles branch.

David Paul Morris/Bloomberg

A UBS spokeswoman declined to comment, and a First Republic spokesman did not respond to an email and phone message left by On Wall Street. Feinstein also declined to be interviewed when reached at his office.

Feinstein, who appears in Forbes' most recent Top 100 Wealth Managers ranking, had been with UBS for 14 years, according to FINRA BrokerCheck records. Prior to that, he worked at Fahnestock & Co. and CIBC World Markets.

“Paul Feinstein has more than 20 years of wealth management experience helping individuals and families successfully grow and preserve their wealth,” Bob Thornton, president of First Republic’s private wealth management division, says in the statement. “We are very pleased to welcome him to our growing team of wealth professionals in Southern California.”

Feinstein’s move followed two other recent two other recent wirehouse grabs. The bank picked up an adviser overseeing $500 million in assets in San Francisco and a five-member team with over $9 million in revenue in New York, both from Merrill Lynch.