Janus Capital Group has signed a deal to sell the private client asset management unit of its Bay Isle Financial subsidiary to First Republic Bank.
After the transaction is completed, Bay Isle's private client asset management unit will become a part of First Republic's Trainer, Wortham & Co. subsidiary, according to a statement from Janus. Neither company disclosed the terms of the deal.
Janus will retain Bay Isle's institutional money management group, which is managed by Bay Isle CEO Bill Schaff. Bay Isle's institutional money management group specializes in REIT management, value strategies and acts as a sub-advisor for a number of Janus funds.
Schaff endorsed the deal with praise for First Republic's asset management capabilities. "I am confident that First Republic has the commitment and resources to build the high-net-worth business and that this transition will not affect the high-quality service provided to Bay Isle's clients for the past 16 years," Schaff said.