First Republic Bank (NYSE: FRC) in San Francisco has acquired a minority stake in a business management firm that caters to the stars.
The $37 billion-asset First Republic now has a 24.5 percent interest in Los Angeles-based Nigro Karlin Segal & Feldstein, according to a press release. Terms of the transaction were not disclosed.
The acquisition cements a long-term relationship between First Republic and the management firm. “NKSF and First Republic share the same commitment to exceptional client service, and we already have many clients in common," First Republic Chairman and Chief Executive Jim Herbert said in the release. "This is an opportunity for even further collaboration to help clients of both companies achieve their financial objectives."
First Republic focuses on private banking and wealth management. NKSF, founded in 1981, specializes in providing business management services to members of the entertainment industry, executives, entrepreneurs and athletes. Its celebrity clients have included Lenny Kravitz, Maroon 5 and David Letterman (pictured), according to Variety.