First Republic Signs $17-Million Mega Producer from Morgan Stanley in California
San Francisco-based First Republic Bank has scooped up a top California producer from Morgan Stanley Wealth Management, according to multiple sources familiar with the matter.
Cheryl L. Young, whose team is based in Los Gatos, gave notice on Monday and is expected to officially join First Republic following a 90-day “garden leave” transition period that had been required by her employment agreements, the sources said. She had been generating around $17 million in annual revenue with a $2 billion book focused on wealthy Silicon Valley clients, according to two sources familiar with her practice.
The 23-year brokerage veteran had landed the top spot on Forbes’ list of the top advisors in California this year while Barron’s listed her at #84 on its ranking of the top 100 advisors.
Spokespeople at First Republic and Morgan Stanley declined to comment. Her garden leave–an unusual stipulation for wirehouse brokers–was tied to an agreement she signed two years ago in exchange for a restricted stock bonus, according to one of the sources. Read More