First Republic Bank announced Tuesday that it has bought a minority interest in Cypress Wealth Advisors.
The San Francisco bank, which offers private banking, investment management, and trust services, bought a 24.9% interest in Cypress, also of San Francisco. Cypress is a wealth manager that focuses on high-net-worth investors and institutions. Terms of the transaction were not disclosed.
Cypress sells investment, tax, estate planning, and other financial management services. First Republic's investment advisory subsidiaries include Trainer Wortham & Co., Froley, Revy Investment Co., and Starbuck-Tisdale & Associates. It also offers comprehensive personal trust and custody services through First Republic Trust Co.
At June 30, the bank and its subsidiaries had assets under management and administration totaling $22 billion.
