Financial Results

Wealth Management Assets Up 21 Per Cent At First Republic

Wendy Connett Editor New York 28 January 2011

Wealth Management Assets Up 21 Per Cent At First Republic

First Republic Bank reported that assets in its wealth management business reached $17.8 billion as of 31 December, compared with $14.8 billion a year ago, a 21 per cent increase.

Net income at the bank overall was $76 million in the fourth quarter compared with $66.4 million for the prior quarter, according to First Republic’s first earnings report since it went public in December. Net income for the six months ending 31 December was $142.4 million.

The bank’s wealth management business includes First Republic Securities Company (FRSC), First Republic Trust Company and First Republic Investment Management (FRIM).

FRIM had $6.5 billion of assets under management, up 22 per cent from the prior year. In the fourth quarter, investment advisory fees were $9.3 million, up 11 per cent compared with the third quarter.

Assets at FRSC were $7.2 billion at year-end, a 24 per cent increase compared with the prior year. In the fourth quarter fees from brokerage activities were $3 million, up 39 per cent compared with the third quarter.

First Republic Trust Company administered $4.1 billion of trust and custody assets, a 14 per cent increase compared with the prior year. Fees from trust services were $1.8 million in the fourth quarter, up 40 per cent from the third quarter.

First Republic Bank raised a net $109.8 million via its initial public offering last month.

 

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