Redefining Wealth- Transformative Gift Names Langston Wealth Management Center at University of Texas

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Nov 27, 2024, 09:00 ET

NEW YORK and HOUSTON and AUSTIN, Texas, Nov. 27, 2024 /PRNewswire/ -- Championing a new vision for the wealth management industry, John and Candace Langston, based in Houston and New York City, have made a significant donation to name the Langston Wealth Management Center at The University of Texas at Austin's McCombs School of Business.
John Langston, founder and CEO of Republic Capital Group, and his wife, Candace, a vice president of the company, have established a permanent endowment to support the center's bold initiatives around student education, academic research, industry partnerships, and community outreach.

Republic Capital Group’s John and Candace Langston

"Candace and I strongly believe that the wealth center, being part of an elite business school, will produce a much higher-level program and, therefore, a much higher-level graduate," John Langston said. "The opportunity to invest in the next generation of wealth management leadership was a chance to help fulfill our purpose in life. We just couldn't pass it up."

Based in New York, Republic Capital Group is one of the nation's top-ranked independent investment banks, with branches in Dallas, Houston, and West Palm Beach, Florida. The group handled transactions for more than $150 billion in client assets during 2022-2023, and it was named 2023 Boutique Investment Banking Firm of the Year by The M&A Advisor. That year, it also garnered the organization's M&A Deal of the Year award.

In 2022, the couple co-founded the John and Candace Langston Fellowship at McCombs, awarded each year to high-achieving students newly admitted to the wealth management program.

"John and Candace are fascinated with the potential they see at McCombs to help transform an industry, and their incredible generosity will help us realize that potential," said Ramesh Rao, the center's director and a professor of finance at McCombs. "After catching our vision, John called me and said, 'Let's go to town and make this program the best in the country.'"

While most business schools emphasize financial planning in their wealth management programs, Rao highlights McCombs' much broader approach. "Unlike many schools, our wealth management students graduate with a BBA degree that encompasses a comprehensive understanding of wealth management, including accounting, taxation, financial markets, and intergenerational wealth transfer," he said.
"Additionally, we place a strong emphasis on technology, investment in innovation, and advanced soft skills — essential for thriving in today's dynamic industry. The industry is in need of reform, and we're equipping our students with a robust foundation to become leaders in driving that change," Rao said.

He noted the average age of wealth management professionals today is 57, so many in the industry are nearing retirement. "There's an enormous demand for young talent, but not just talent: These companies are looking for students with gravitas," he said. "The country's most prestigious firms are hiring our interns, and they tell me they're the best they've ever seen."
"Candace and John's generous gift will transform our Wealth Management Center, offering our students unparalleled educational opportunities," said Clemens Sialm, chair of the McCombs finance department. "This generous support will enable the center to deliver a top-tier education to our outstanding students, drive impactful academic and applied research, forge essential industry partnerships, and transform the way the world approaches wealth management."

Rao emphasized one of the center's key priorities — bridging the gap between industry and academia by closely collaborating with its corporate network partners on research initiatives. "By co-authoring white papers with our network partners, we aim to foster open communication and harness the collective expertise of academia and industry to elevate the field," he said.

"Our flagship Wealth Management Center is now positioned to have an even greater impact on an industry that's facing rising demand while navigating a rapidly changing landscape," McCombs Dean Lillian Mills said. "We are so grateful."
"Candace and I want to be part of redefining the way wealth is viewed, instead of just using arbitrary numbers," John Langston said. "We believe wealth is having the time, health, and capital to fulfill a purpose larger than yourself and for the betterment of others."

SOURCE Republic Capital Group