Los Angeles Wealth Management Firm to Be Acquired by First Republic Bank

On Friday November 2, Luminous Capital Holdings LLC announced that First Republic Bank of San Francisco would be acquiring its independent wealth management firm in Century City.

While financial terms of the acquisition were not revealed, news reports state that Luminous Capital had wealth management assets of $5.5 billion as of September 30th.  First Republic Investment Management Inc. is a wholly owned subsidiary of the bank, and according to both companies six partners at Luminous will sign long-term employment contracts.  December 31 is the projected date for closing of the deal, subject to regulatory approvals.

First Republic chairman and CEO Jim Herbert said that, “Luminous Capital is an opportunity to acquire a highly successful wealth management firm.”  Herbert founded First Republic Bank in 1985.  Today, the publicly held bank holding company reportedly has assets of $31 billion.

According to Bizjournals.com, a wave of similar acquisitions are expected to be announced in coming weeks.  In selling by the year’s end, sellers can save substantial amounts of  money.  One example of this is George Lucas, who it is said will sell his Star Wars empire to Walt Disney before midnight New Year’s Eve, saving hundreds of millions in taxes.

Los Angeles based Luminous Capital provides strategic investment advice and asset allocation to high net worth family offices and foundations as well as individuals.  Luminous Capital offices are located in Century City and on the San Francisco Peninsula in Portola Valley.

As highly respected Los Angeles merger and acquisitions attorneys, the professionals at Spotora & Associates provide comprehensive services for both buyers and sellers involved in these transactions including equity financing, regulatory filings, recapitalizations, buyouts and divestitures and more.  Trust our business attorneys to reduce conflicts and make your transaction as seamless as possible.

This entry was posted on Monday, November 5th, 2012 at 12:29 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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