An IPO Shakes the Money Tree

Gaining private banking and wealth management relationships with the very rich, even the young very rich, is a challenge. Once in a while, though, fate lends a hand. Morgan Stanley's misfortunes in taking Facebook public, Felix Salmon suggests, turned out to be First Republic's good luck.

Photo: Noah Berger/Bloomberg
Mark Zuckerberg's newly refinanced residence is an Old Money (1903) home.