General Catalyst, a venture capital firm, has played a role in the launch of a new wealth management firm led by former First Republic Bank executive, Dave Breslin.
The newly-formed firm, Catalytic Wealth Management, has also recruited several former First Republic financial advisors to join their team.
Dave Breslin announced the launch of the business in a LinkedIn post, however, declined to provide additional comment when approached by a reporter. A spokesperson for General Catalyst also declined to comment.
Catalytic Wealth Management boasts a team of over a dozen employees listed on their website, including wealth managers such as Darin Souza, James Gersack, James Wilcox, Joseph Matthews, Richard Will, and Shelter Wein. Each individual has previous experience working at First Republic.
SEC records reveal that Catalytic Wealth Management officially registered with the commission on August 3rd. The firm is headquartered in Cambridge, Massachusetts.
Dave Breslin brings with him seven years of experience from his time at First Republic Bank, where he contributed to the significant growth of their wealth management unit by hiring several highly skilled financial advisors. Prior to this, Breslin spent 17 years at Merrill Lynch.
First Republic Bank faced severe challenges earlier this year, leading to significant deposit outflows and ultimately collapsing during the regional bank crisis. Many advisors chose to leave the troubled organization to join competitors such as UBS and Morgan Stanley. In May, JPMorgan Chase acquired First Republic.
Dave Breslin joined General Catalyst as an executive vice president in May, as stated on his LinkedIn profile.
