May 30, 2023
By Mason Braswell
Matthew Giorgetti and his $6.5-million team of private bankers resigned from Brown Brothers Harriman in late February with plans to join First Republic Bank in Boston.
But then March ushered in a regional banking crisis that enveloped First Republic and led to its collapse and government-brokered purchase by JPMorgan Chase & Co. in early May.
Giorgetti was fortuitously serving out his 90-day garden leave as the turmoil began unfolding and changed course to join Rockefeller Capital Management on Friday at the end of his non-compete term, according to a source familiar with the move.
Two junior team members, Eric Vanderpool and Ryan Quinn, who did not have the same garden leave term and joined Rockefeller as vice presidents, had briefly registered with First Republic from May 10 until May 22, according to their BrokerCheck records. The database does not show Giorgetti, who is a managing director at Rockefeller, as ever registering as a broker or investment adviser.
The trio had overseen around $1.5 billion in assets at BBH, according to the source.
A spokesperson for New York-based BBH, a privately held firm whose Wall Street roots date to 1818, did not immediately return a request for comment. Garden leaves are rare for traditional brokers who build their own client books but more common for private bankers who are salaried and whose customers are often closely tied to the bank.
