NU Online News Service, May 21, 12:53 p.m. – First Republic Bank, San Francisco, today completed its acquisition of Froley, Revy Investment Company, Inc., Los Angeles, an investment firm specializing in convertible securities.
Froley, Revy manages $2.2 billion in assets for public and corporate pension funds, insurance companies, endowments and foundations as well as affluent individuals through separate accounts and broker-dealer managed account programs.
First Republic bought 18% of Froley, Revy about two years ago, then in February exercised an option to buy the remaining 82% for about $18.5 million in cash and stock, with additional payments to be made over the next five years.
First Republic also owns Trainer Wortham & Company, New York, and Starbuck, Tisdale & Associates, Santa Barbara, Calif., two investment advisory firms.
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