A New York-based staff managing nearly $1.2 billion in consumer belongings is becoming a member of RBC Wealth Administration from J.P. Morgan Wealth Administration, RBC introduced.
The Pensato Slayne Group consists of Managing Administrators Arthur Pensato and William Slyane (additionally monetary advisors and senior portfolio managers), Vice President and Senior Monetary Affiliate Lindsay Hansman, Vice President and Senior Enterprise Affiliate Carrie Port, and funding associates Connor Secora and Lloyd King.
“This group stands out as one of the vital elite New York Metropolis wealth administration groups, and RBC is proud to welcome them,” RBC Wealth Administration New Advanced Director John Moran stated concerning the deal.
Pensato and Slyane spent years with First Republic Financial institution earlier than becoming a member of J.P. Morgan. The latter financial institution opted to acquire First Republic Bank after it failed in 2023, a part of the dominoes of establishments ensuing from the collapse of Silicon Valley Financial institution.
After failing, regulators briefly seized First Republic, and JPMorgan stepped in after different non-public rescue efforts failed. It was the second-biggest financial institution failure in U.S. historical past and the most important one since 2008, surpassing SVB.
Nevertheless, some had been involved a couple of potential cultural mismatch for First Republic advisors shifting to JPMorgan after the sale.
Based on Max Schatzow, a accomplice with RIA Attorneys, many First Republic advisors got here from wirehouses and different giant establishments and opted for First Republic to flee these confines. A number of First Republic advisors jumped ship to different companies shortly earlier than and after First Republic’s sale to JPMorgan, including several to RBC.
In October, RBC attracted two teams from Morgan Stanley, together with a Baltimore-based staff managing greater than $1 billion in consumer belongings. As of the tip of October, the financial institution had about $640 billion in whole consumer belongings, with greater than 2,200 advisors at 192 places in 42 states.
