First Republic lures away elite Merrill Lynch duo

First Republic Bank lured away an elite adviser team from Merrill Lynch, the bank said.

It marks the firm's most recent hires from the wirehouse channel, where three of the four major firms have announced recruiting cutbacks.

First Republic's new hires, Danielle Ambrose and Diane Hirschhorn, oversaw approximately $750 million in 2009, according to a Barron's list of wealth managers. They are based in Century City, California.

Both are experienced advisers. Ambrose started her career at Goldman Sachs in 1994, according to FINRA BrokerCheck records. She worked in the bank's Private Client Services Division, according to First Republic.

Hirschhorn began working at Goldman as a private client adviser three years later, and she and Ambrose moved together to Merrill Lynch in 2000.

David Paul Morris/Bloomberg

A Merrill Lynch spokeswoman was unavailable for immediate comment on the team's departure.

At First Republic, they will service individuals, families, nonprofits and foundations, the bank said.

In hiring the two advisers, Bob Thornton, president of First Republic Private Wealth Management, cited their extensive industry experience and shared client service philosophy.

Last month, First Republic recruited UBS advisers Robert Gehlen and David Mucha in San Francisco.