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Technology > Investment Platforms > Turnkey Asset Management

Focus Financial Adds $1B RIA

By Janet Levaux

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Focus Financial Partners said Thursday that a team with five veteran advisors and $1 billion in client assets had joined its network: Portfolio Strategy Group, an RIA in White Plains, N.Y.

New York-based Focus provides wealth-management and investment services to independent advisors and others. It had nearly $60 billion in client assets and included 125 partnerships as of Dec. 31. It added $14 billion in assets last year.

Rudy Adolf“We are excited to bring this high-quality investment advisor into the Focus partnership and expand our presence in the very attractive and under-penetrated New York market,” said Rudy Adolf, founder and CEO of Focus, in a press release. “PSG’s investment management expertise will be a resource to other partners and will strengthen our ability to serve clients.”

Portfolio Strategy Group was founded in 1990 by Managing Partner Richard Yoken to serve high-net-worth entrepreneurs and professionals through open-architecture platforms and other programs.

“In the process of seeking a future partner, we placed a paramount emphasis on retaining our independence to achieve our future goals,” said Yoken, in a statement. “Through our partnership with Focus, our clients are reassured that we will maintain our culture and rigorous investment management process for the long term. We also look forward to working with Focus to attract additional experienced investment professionals and benefit from the experiences of other Focus partners.”

PSG has eight full-time employees, including Managing Directors Edward Scharf, Peter Yorkes, Lawrence Bartimer and Thomas Zottner.

Focus, which has 800 staff members, says it is confident it can bring on more RIA partners like PSG this year. “Through the addition of such firms as PSG, 2012 has been another successful year for Focus, and we look forward to continuing our momentum into 2013,” Adolf said.

Earlier this week, Schwab reported that the total value of independent RIA mergers and acquisitions increased 30% in 2012 versus 2011, with assets under management of 45 deals totaling $58.8 billion last year—up from $43.9 billion for 57 deals in 2011. National firms, like HighTower, Focus Financial and United Capital, remained the dominant buyers, finishing 2012 with 25 deals.

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