Before joining First Republic, Palmer was a senior vice president and market executive for US Trust, Bank of America Private Wealth Management in Portland. She worked at BofA for 35 years.

At the start of November, First Republic announced that it is to acquire Los Angeles, CA-based Luminous Capital, an independent high net worth wealth advisory firm with $5.5 billion in wealth management assets, for an undisclosed cash sum. Luminous' six partners will sign long-term employment contracts as part of the transaction, which is expected to close by December 31, subject to customary conditions. (View analysis here.)

Wealth management assets at the New York-listed firm stood at $24.8 billion at September 30, up 7 per cent for the quarter and 22 per cent since year-end. For the group, net income for the quarter was $102.7 million, compared to $87.8 million for the third quarter of 2011, up 17 per cent.