First Republic picked up a four-person team from Wells Fargo, the newest hires for the boutique bank and the latest losses for the wireshouse.
Peter Morimoto, Jon Jewitt, and Roy Elliott Jr. joined First Republic’s San Diego office as managing directors last week. Marena Tufenkjian joined as a vice president and wealth manager. The firm did not disclose the team’s AUM.
Wells Fargo has suffered from advisor attrition since a phony accounts scandal came to light in 2016. The bank reported that

First Republic, meanwhile, has been aggressively courting high-end talent from competitors, particularly those at wirehouses. The firm’s successes last year, which included several billion-dollar teams, has boosted growth for First Republic’s wealth management business.
"We hired 11 new teams during 2018 and one already in 2019,” President Gaye Erkan
The following 17 teams oversaw about $75 billion in assets. The firms ending the year with prize recruits include a diverse cast: regional BDs, wirehouses, boutiques and RIAs.
The bank reported Tuesday that
Like other wealth management firms, asset dropped 3.6% from the prior quarter. Market volatility has buffeted firms. Wells Fargo, for example,
First Republic’s newest hires are industry veterans. Morimoto and Jewitt have two decades of experience in financial services, according to their new employer. Morimoto had been with Wells Fargo since 1998, according to FINRA BrokerCheck records. Jewitt had previously worked as a senior investment strategist at the wirehouse, First Republic says. He started his career at A.G. Edwards, a predecessor firm of Wells Fargo, in 1998.
Elliot has 17 years of industry experience, and worked at Morgan Stanley prior to joining Wells Fargo in 2004. Tufenkjian started her career at Wells Fargo in 2005, according to BrokerCheck.
A spokeswoman for Wells Fargo could not be reached for immediate comment.