A team of former First Republic advisors has left the company to join UBS, marking yet another defection from the failed institution. Led by advisor Mark Alibrandi, the team previously oversaw around $1 billion in client assets at First Republic. Alibrandi began his career at Merrill Lynch in 1992 before moving to First Republic in 2012.
The team joining Alibrandi includes his sons Stephen, who joined First Republic in 2019, and Joseph, as well as his daughter Anna, who will serve as a client associate.
First Republic had a reputation for catering to high-net-worth individuals through a combination of private banking and wealth management services. However, in March of this year, the bank failed along with several other regional lenders that had lost billions of dollars in deposits.
As the crisis unfolded, scores of advisors began leaving First Republic for competitors. While these departures have slowed since JPMorgan Chase’s acquisition of First Republic in May, they have continued at a slower pace. A spokesperson for JPMorgan declined to comment on the matter.