A New York-based team managing over $5 billion in assets is joining RBC Wealth Management from JPMorgan in one of the largest teams RBC has ever recruited.
The Degenaars Babb Group is skilled at working with clients “with complex needs and providing a well-rounded approach to wealth and legacy planning,” according to John Moran, the New York Complex Director for RBC Wealth.
The team originally joined J.P. Morgan Wealth Management in the wake of the collapse of First Republic in 2023.
The firm includes Managing Directors and Senior Portfolio Managers Glenn S. Degenaars and Jason L. Babb, as well as Managing Director and Wealth Strategist Kristin Ashman. Senior Vice President Jennifer S. Mackley, Vice Presidents Ryan Carney and Elizabeth Botti, Investment Associate Antonio Salcfa, and Registered Client Associates Griffin Wellington and Michael Telesco round out the team leaving for RBC.
According to the team leaders, the group wants to collaborate with home office colleagues at RBC on issues including estate planning, wealth transfer discussions, business owner needs, and tax planning.
Babb particularly cited RBC’s resources as helping them meet the needs of their ultra-high-net-worth clients regarding public markets, alternative investments, banking, lending and business needs.
“With conversations that revolve around new ideas and innovations, we feel grateful to serve fascinating, financially astute individuals who appreciate our wide-ranging approach to managing the intricacies of their wealth,” Babb said.
According to SEC records and LinkedIn, Degenaars joined Deutsche Bank in 1998. In 2010, he left for First Republic Investment Management, specializing in designing and managing equity and balanced portfolios for UHNW individuals, trusts, and foundations. He also worked on the firm’s alts team.
Babb joined Deutsche Bank in 2000 and also left to join First Republic in 2010. The team moved to JPMorgan after that firm purchased First Republic, which toppled in the wake of Silicon Valley Bank’s collapse in 2023. SVB’s downfall set off a chain reaction in the regional bank sector, with First Republic becoming the largest bank collapse since the 2008 economic crisis.
However, former First Republic advisors and teams continued to depart JPMorgan in the weeks, months and years after the acquisition (though JPMorgan did reveal that it retained about 90% of First Republic advisors in the first seven weeks after the deal).