There are a couple of basic tenets of how we operate. Very high quality people, limited number of locations, intensely focused on markets and segments, low turnover, listen to the client very carefully, very, very carefully. Almost everything we do new is the result of some client asking for something and probably in fact several clients asking for the same thing and us listening and hearing it and being comfortable doing it safely.
So, we are geographically specific. So when you invest in First Republic, you are investing in a couple of things. You are investing in very high credit quality. You are investing in the geographies of New York, Boston, San Francisco, Los Angeles, primarily, west side of L.A. up and down, Santa Barbara, George County. Those are the markets we are in. We like them, we are staying in them. We don't expect to add to them. We are opening in Palm Beach but that's a service point for New York and Boston, primarily.
So, that's our intense focus. The balance sheet is about 70% single-family. We like it as an asset class contrary to all the noise over last few years. We have had six basis points of cumulative losses in 27 years on $50 billion of origination. So it's a great asset class for us.
We sell nine products to every home loan client that we work with. So we have a deep relationship. This is old fashioned, community bank relationship banking brought large, basically. We have a wealth management division as well. Glenn’s here, he represents that and can speak with that. That has about $22 billion in it.So, what we don't do? We are very straightforward. We don’t do proprietary trading, credit derivatives, et cetera. We don't do subprime, we never have. We don’t have any offshore business, really, of any kind. We have some offshore clients but they are doing mostly domestic-focused business.