First Republic to acquire rest of Froley Revy

New York, Feb. 1 - Convertible bond manager Froley, Revy Investment Co., Inc. said First Republic bank will acquire the remaining 82% of the firm it does not already own.

First Republic will buy the shares from existing holders. Froley Revy management will retain an economic interest in the firm through a deferred five-year payout, and through profit sharing arrangements.

San Francisco-based First Republic acquired its original 18% stake in Froley Revy in January 2000 with an option to buy the rest within three years.

Froley Revy was founded 27 years ago by George Froley and Tom Revy and now employs 31 people, including 9 research analysts and portfolio managers dedicated to convertibles. It has more than $2 billion in assets under management.

"By fully acquiring Froley, Revy, we are expanding a strategic, fee-based business and are again strengthening our investment management capabilities," said Jim Herbert, president and chief executive officer of First Republic Bank, in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.