Chicago-based RIA acquirer and wealth management firm Cresset announced that it had acquired two advisory teams for its San Francisco office, including three lead advisors and 12 support members.

Both the teams had been with the failed lender First Republic Bank until last year, when that bank was put into receivership and sold to J.P. Morgan last May. The two teams managed $5 billion in assets for 160 client households, Cresset said in a press release on Friday.

Cresset’s new hires include a 10-person team led by Dagny Maidman. The other team is led by Chris Chase and Erik Ralston, who lead a team of five. All three had been with First Republic since 2015 and were previously with Credit Suisse.

Dagny's team works with ultra-wealthy individuals and "is acutely sensitive to weeding out uncompensated risk and employs dynamic hedging strategies to generate income, reduce portfolio volatility, and manage concentrated stock positions,” said Cresset in its press release. “Cresset is excited to leverage their derivatives knowledge across the broader platform.”

Of the Chase-Ralston team, Cresset said, “They provide comprehensive, tax-efficient wealth strategies to entrepreneurs, multi-generational families, company executives, and non-profit organizations.”

The former First Republic saw a number of high-level departures after its meltdown during the regional banking crisis last year—a volatile few months in which Silicon Valley Bank and Signature Bank also failed. First Republic, after it went on a tear acquiring advisors serving high-net-worth investors, suffered more than $100 billion in depositor withdrawals in the first quarter of 2023 in the midst of the crisis. Over the next few months, a number of other firms picked off giant defecting First Republic teams. Such beneficiaries were Lido Advisors, RBC and Morgan Stanley.

One of the biggest winners was Cresset, which picked up the advisory team at Constellation Wealth Management, a team co-headed by Paul Tramontano that handled $13 billion in assets.

Recruiters and consultants told Financial Advisor last year that the advisors who had come over to First Republic in its aggressive acquisition phase had already given advisors big bonuses to join, which likely gave them huge bargaining advantages with their new J.P. Morgan owners.

Cresset is no stranger to staff changes. Earlier this year, the firm announced that its president, Liz Nesvold, would be moving on after only eight months, and would be replaced by Susie Cranston, who, as it happens, came over from J.P. Morgan Chase.