First Republic Bank (FRC), to buy purchase Constellation Wealth Advisors for about $115 million.
Constellation Wealth Advisors provides high net worth individuals, families, and family foundations with strategic investment advice and asset allocation, including alternative investments. As of March 31, 2015, Constellation Wealth Advisors had wealth management assets of $6.1 billion.
First Republic expects the transaction to be modestly accretive to earnings in 2015. The deal is expected to close in the third quarter of 2015.
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