First Republic entices $4.5B team from Merrill Lynch

First Republic poached a top-ranked Merrill Lynch team, adding to the burgeoning advisor ranks at the boutique wealth manager.

Advisors John C. McNamee and Daniel J. White joined First Republic in Century City, California, according to the bank. The team previously oversaw more than $4.5 billion at their former employer, according to Barron’s.

McNamme was ranked on the publication’s list of top advisors, and, with White, was reported to have a seven-member team serving approximately 70 client households as of 2019.

White was named to Forbes’ most recent best-in-state wealth advisors and listed as having approximately $769 million in client assets.

It’s the latest big get for First Republic, which has been courting top wirehouse talent in an effort to build out its wealth management operations. Among the San Francisco-based bank’s notable hires this year was Phil Scott, another ex-Merrill broker and top-ranked Barron’s advisor who oversaw approximately $2.5 billion as of 2019.

Hires such as these as well as market appreciation have helped boost First Republic’s AUM. The bank reported wealth management assets rose 20% year-over-year to reach $168 billion for the third quarter.

“We continue to expand our client base and capabilities in all markets to grow this segment,” the bank said in its earnings report.

With the additions of McNamee and White, First Republic gains two experienced professionals. McNamee spent the entirety of his 24-year career at Merrill Lynch. White started his career at Lehman Brothers in 1992, joining Merrill four years later, according to FINRA BrokerCheck records.

First Republic said two investment specialists and three client support associates moved with the advisors to the bank.