Summit Partners enters RIA venture with former exec at First Republic
The former wealth head of First Republic Bank, one of the casualties of last year’s regional banking crisis, has entered into a partnership with Boston-based private equity firm Summit Partners as he seeks to launch a new RIA.
In a statement, Summit announced Bob Thornton, who was president at First Republic Private Wealth Management, as the latest member of its executive-in-residence program.
During his time at First Republic, Thornton oversaw the recruitment of over 150 high-caliber financial advisors and the development of various high-value programs, which included integrated planning resources and a white-glove insurance product. That helped drive the bank’s wealth business from roughly $10 billion in assets to over $250 billion.
The first cracks in First Republic’s wealth franchise emerged last March, when an advisor with a reported book of $1.5 billion left to join Morgan Stanley. By May, it was all over for First Republic as JPMorgan announced it would acquire the failed San Francisco-based lender.
In his new role at Summit, Thornton will be collaborating with the PE firm’s growth products and services team as they seek new investment opportunities, focused specifically on “building a comprehensive wealth management platform in collaboration with leading wirehouse teams serving the high-net-worth customer.”
During a recent podcast interview, Thornton said the partnership is focused on building an independent, professionally led enterprise with a unique offering for advisors.
“[Summit’s] strength and experience in the financial services arena will provide attractive consideration to join the firm, but also equity ownership and the ability to realize that equity,” he said.
The new wealth enterprise, Thornton said,
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