First Republic Bank in San Francisco has agreed to purchase Constellation Wealth Advisors for about $115 million.
The $51 billion-asset bank will acquire all of Constellation's assets, according to a news release. Constellation had $6.1 billion in assets under management as of March 31. The deal is expected to close in the third quarter.
In addition, Constellation's six partners have signed long-term employment contracts with First Republic as part of the agreement.
First Republic said the deal is expected to be modestly accretive to earnings this year.
Constellation has offices in New York and Menlo Park, Calif.