Financial advisers David Hou, Mark Sear, Robert Skinner and Alan Zafran left First Republic Investment Management Inc. to set up registered investment advisory firms in California, InvestmentNews reported.

Hou and Sear opened Evoke Wealth, based out of Santa Monica and operating with a staff of 20.

Skinner and Zafran will open their firm, called IEQ Capital, in Monterey.

The advisers reportedly managed $17 billion in assets at First Republic Investment Management.

First Republic Investment Management is a unit of First Republic Bank.