SAN FRANCISCO (Diya TV) — Venture capital firm General Catalyst has hired 20 former First Republic Bank staffers to establish a wealth-management business, aiming to fill the void left by the 2023 regional banking crisis.

Led by Dave Breslin, former head of First Republic’s private-wealth unit, the newly launched GC Wealth has rapidly expanded since its formation in September 2023. The firm already manages assets exceeding $2.3 billion and has a client base of more than 250 families, with another $3 billion in potential liquidity, Breslin said.

Breslin, who joined First Republic in 2016 after 15 years at Merrill Lynch, said GC Wealth is focused on guiding early-stage tech entrepreneurs toward financial security. The firm’s ties to General Catalyst provide clients with investment opportunities in the venture firm’s funds and potential access to startup deals.

“No one has evolved their wealth management to steward emerging-wealth individuals into financial soundness,” Breslin said.

General Catalyst’s CEO and Managing Director, Hemant Taneja, an Indian American entrepreneur, leads the firm in its mission to integrate technology into various industries to drive societal change. Under Taneja’s leadership, General Catalyst has expanded its focus beyond traditional venture capital, exploring sectors such as healthcare, energy, and defense. General Catalyst was founded in 2000 in Massachusetts by Joel Cutler and David Fialkow. In 2010, the company opened a Silicon Valley office.

The collapse of the First Republic and Silicon Valley Bank in 2023 left many Bay Area startup founders searching for alternative financial services. Venture firms such as Sequoia Heritage and Andreessen Horowitz have already expanded their offerings and there’s an attempt from GC Wealth to remain competitive by replicating First Republic’s more hands-on approach.

Breslin recruited former colleagues from Boston, Massachusetts; Bellevue, Washington; and Jackson, Wyoming, persuading hesitant clients like Maria Martinez, former Cisco Systems executive, to make the switch.

“This move gave them more flexibility,” Martinez said.

Despite potential risks tied to startup wealth, Breslin remains optimistic.

“You’re not just betting on individuals,” he said. “You’re betting on people who are going to do amazing things.”