First Republic nabbed a four-man team from UBS, replenishing its ranks following the June departure of some its leading wealth managers.
The bank took a big hit with

The latest recruits — advisors Kieran Lynch, Jack Inserra, Joel Kaufman and his son Craig — signed on with First Republic in Paramus, New Jersey.
Lynch, Inserra and Joel Kaufman have 27, 25 and 40 years of industry experience, respectively. Craig Kaufman has been in the industry for 15 years. The team had been with UBS for more than a decade, according to FINRA BrokerCheck records, and serves, families, nonprofits and private family foundations.
These firms scored big with advisors managing $1 billion or more.
A First Republic spokesman declined to provide the group’s AUM.
The departure of the ex-Luminous team represented a setback for First Republic, which has been courting top talent from the wirehouses in recent years. The Luminous deal had been critical in boosting First Republic’s wealth management business. The San Francisco-based company reported net client outflows of approximately $5.7 billion for the second quarter. Total wealth management assets dropped 1.6% year-over-year to $137.6 billion. The bank anticipates another $4 billion of outflows for the third quarter.

The addition of new hires, such as the former UBS group, will offset the bank’s losses. Total assets for its wealth management business had risen in the past year to $137 million from $121 million.The company says it has approximately 175 wealth managers.
Last month, First Republic recruited Mark Beach and Rick DuPont, two former Merrill Lynch advisors based in Silicon Valley. Like the UBS group, Beach and DuPont serve individuals, families, nonprofits and private family foundations, according to First Republic, which used similar language in
A UBS spokesman declined to comment.
First Republic typically hires advisors catering to high-net-worth and ultrahigh-net-worth clients.