The Portfolio Strategy Group, a White Plains, NY-based investment adviser managing over $1 billion in assets, has joined Focus Financial Partners LLC.
“This is a first class firm with a terrific client base,” said Rudy Adolf, chief executive of Focus. “They will add to the collective knowledge of our firm in a significant way.”
The deal, which was made effective Dec. 31, was the tenth transaction executed by Focus in 2012. For the year, the firm grew client assets by $14 billion. Focus did not disclose how much of that asset growth was due to acquisitions as opposed to organic growth.
Founded in 2006, Focus is one of the largest partnerships of independent investment advisers in the country. It now has more than 100 partners and is “approaching $60 billion” in assets under management, according to a press release.
National firms like Focus, United Capital Financial Advisers LLC, and Hightower Advisors LLC have become major buyers in the RIA industry. Collectively, they were in on 25 of the 45 deals involving RIAs with more than $100 million in assets under management last year, according to an annual study by Schwab Advisor Services earlier this week.
“We're by far the largest acquirer in this space,” said Mr. Adolf.
The root of Focus' success is that it allows its partner firms to maintain their independence, said Mr. Adolf. “We celebrate the entrepreneurial nature of our partners,” he said. “Our motto is “never turn a successful entrepreneur into an employee.”