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David DeVoe is managing partner and founder of DeVoe & Co., a San Francisco-based financial services consulting firm specializing in business strategy, mergers and acquisitions, succession planning and valuations for RIAs.
SVB acquired Boston Private for $900 million in 2021 as part of its "vision is to be the premier financial partner for the innovation economy."
The situations with First Republic and SVB pose yet another cautionary tale for advisors affiliated with banks.
If sale to PE firm CD&R is negotiated at $53/share, Focus will cease to be a publicly-traded company.
Revenue growth remains under siege as assets inexorably shift toward lower-cost passive strategies, reducing management fees.