A team from First Republic Bank managing about $1 billion in client assets has moved to RBC Wealth Management in Newport Beach, California — the Todd Halbrook and Adam MacDonald Wealth Management Group, which includes three financial advisors and two associates.
"Not only do we feel fortunate to welcome this fantastic team of professionals, but we are also proud to be the choice of some of the industry's top advisors amid ongoing market volatility," said Tom Sagissor, president of RBC Wealth Management, in a statement.
The recent closure of Silicon Valley Bank and related issues have led investors to sell shares of San Francisco-based First Republic Bank; its stock has dropped 54% in the past month and 88% so far this year. RBC's shares have risen 3% over the past month and 5% year to date.
Some 20 advisors have left First Republic since mid-March, with many moving to Morgan Stanley, according to a report on AdvisorHub, which first reported Monday that the Todd Halbrook and Adam MacDonald Wealth Management Group had joined RBC.
