First Republic is flying high at the moment. Really, really high. After landing a massive team in Washington from Wells Fargo, they’ve done the same in NYC, poaching from none other than Goldman Sachs.
We are still gathering information from different sources today, but we know (from First Republic sources) that Brian Zakrocki and his team moved from Goldman Sachs to First Republic on Friday and brought better than $10M in annual revenue with them.
As we search for the correct assets under management number, we’ve heard both $2B and $3B floated in our direction. We suspect the true number lies somewhere in the middle.
Mr. Zakrocki has spent nearly his entire career at Goldman Sachs after a short stint at Arthur Anderson. 17 years at Goldman Sachs in a Senior Private Wealth Advisor role means Mr. Zakrocki has been working with UHNW clients in the NYC area, and doing so ‘at scale’.
Some questions worth asking and following up on: does the GS team come with non-compete or non-solicit contractual language? Or even a potential garden leave? Again, details that will come out over the following weeks.
Still, First Republic is making serious moves on both coasts this President’s Day weekend. And did we mention the size of First Republic deals these days? Ummm, yeah: 500%. You do the math for Mr. Zakrocki and his closest Goldman Sachs friends.