First Republic posted solid growth in its wealth management division in the last three months of 2019.
The unit’s assets under management reached $151 billion in the fourth quarter, up 7.7% from the previous quarter and 19.7% higher year over year, according to the company’s fourth-quarter earnings report. First Republic attributes the rise to market appreciation as well as net new assets from both new and existing clients.
Investment management assets made up $66 billion, while $73.1 billion was in brokerage assets and money market mutual funds, and $11.9 billion in trust and custody assets, the company says.
The company’s wealth management business posted $128.4 million in revenue in the fourth quarter of 2019, which was 7.3% higher than in the fourth quarter of 2018, according to the report.
For the year, revenue reached $470.7 million, an 8.5% increase over the year prior, First Republic says.
Wealth management revenues made up 14.6% of the company’s total revenues in the fourth quarter and 14.1% of the firm’s total revenues for the year, according to the report.
The company didn’t disclose the size of its advisor force.