A New York-based team managing almost $1.2 billion in client assets is joining RBC Wealth Management from J.P. Morgan Wealth Management, RBC announced.
The Pensato Slayne Group includes Managing Directors Arthur Pensato and William Slyane (also financial advisors and senior portfolio managers), Vice President and Senior Financial Associate Lindsay Hansman, Vice President and Senior Business Associate Carrie Port, and investment associates Connor Secora and Lloyd King.
“This group stands out as one of the most elite New York City wealth management teams, and RBC is proud to welcome them,” RBC Wealth Management New Complex Director John Moran said about the deal.
Pensato and Slyane spent years with First Republic Bank before joining J.P. Morgan. The latter bank opted to acquire First Republic Bank after it failed in 2023, part of the dominoes of institutions resulting from the collapse of Silicon Valley Bank.
After failing, regulators briefly seized First Republic, and JPMorgan stepped in after other private rescue efforts failed. It was the second-biggest bank failure in U.S. history and the largest one since 2008, surpassing SVB.
However, some were concerned about a potential cultural mismatch for First Republic advisors moving to JPMorgan after the sale.
According to Max Schatzow, a partner with RIA Lawyers, many First Republic advisors came from wirehouses and other large institutions and opted for First Republic to escape those confines. Several First Republic advisors jumped ship to other firms shortly before and after First Republic’s sale to JPMorgan, including several to RBC.
In October, RBC attracted two teams from Morgan Stanley, including a Baltimore-based team managing more than $1 billion in client assets. As of the end of October, the bank had about $640 billion in total client assets, with more than 2,200 advisors at 192 locations in 42 states.
