Republic Capital to offer I-banking for clients of RIAs post-Merchant deal

Back in September of 2024, RIA investor Merchant Investment Management revealed that it had taken a minority stake in Republic Capital Group, a New York City-based investment bank that has historically provided buy-and sell-side M&A advisory services to wealth management firms.

The deal raised some questions at the time around why an RIA acquirer would buy an investment bank and whether the arrangement would impact the bank’s independence. In short, what was in it for both sides?

Republic founder John Langston, who set up the firm nearly a decade ago, pushed back on questions of independence at the time, and has since shared one of the major strategic benefits for his business: new clients beyond RIA owners. Langston told Citywire that the Merchant deal will allow him to work with the clients of the 100 or so RIAs that the investor has stakes in. These RIAs have a combined 4,000 advisors, and Langston said that many of their clients are business owners who could well be in need of investment banking services…