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Focus Adds Wealth Group in Canada; United Capital Picks Up 2 Firms

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Focus Financial Partners is crossing the border. The wealth management group said Monday that Dorchester Wealth Management of Montreal has joined its partnership.

Dorchester advisors have some $850 million Canadian dollars — about $635 million U.S. dollars at Monday’s exchange rate — in assets under management. Its client base includes Canadians, Americans and others, who are served by nine investment professionals.

“We see tremendous potential through Dorchester to increase our regional reach in Canada and bring more exciting international opportunities to Focus,” said Rudy Adolf, founder and CEO, in a statement.

According to Focus, the deal means Dorchester now has access to Focus’ M&A expertise and growth capital. The new partner “plans to utilize Focus’ continued geographic expansion in North America to attract top quality talent and ensure the strongest possible wealth management offering for clients,” it says.

“Focus brings greater resources and expertise in certain aspects of our business while still allowing us to maintain our boutique client-service environment and investment excellence,” said Robert Bard, president of Dorchester Wealth Management, in a press release.

The Dorchester group was founded in 1928 and is licensed with different regulatory groups in Quebec, Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario and the United States.

Focus adds that it has more than 30 firms in its network and annual revenues of about $325 million.

United Capital News

United Capital Financial Advisors said Monday that it acquired CS Capital Management of Indianapolis and PRI Investments of Chapel Hill, N.C., which have a combined total of about $625 million in client assets.

“This development reveals to the marketplace that we’ll continue to be an active acquirer of firms, teams and individuals that share our values and culture,” said Matt Brinker, senior vice president, partner development and acquisitions, for United Capital, in a statement.

The team joining from CS Capital Management includes Mike Surenkamp, CFP, and Roel Carandang, as well as eight staff members. Andrew Blass of PRI Investments also comes on board United Capital as a partner and brings two employees with him. 

“Roel and I enjoyed our independence and how we went about our business and serving our clients,” said Mike Surenkamp, in a press release. “But through the engagement process, we learned that there is a better client-centric approach and United Capital has made tremendous strides in mastering it.”

United Capital’s RIA has about $13 billion in assets under management and more than 60 offices in the United States. 

— Check out United Capital’s Duran: Wealth Management Is Dead. Long Live Life Management! on ThinkAdvisor.


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