Focus Financial Partners has inked its biggest partnership deal to date and its 10th deal of the year.
On Monday, New York-based Focus said SCS Financial and its RIA — with $16.5 billion in assets — will join it Focus partnership. (SCS has its main offices in Boston and New York.)
“Partnering with one of the most respected teams in the industry demonstrates the unique power of our model,” said CEO Rudy Adolf, in a statement.
“We are committed to being the go-to partner for entrepreneurial, elite wealth management firms in the U.S. and beyond. With the recently announced investment by Stone Point Capital and KKR, we are just starting a new chapter in Focus’ history,” Adolf explained.
According to Focus, the SCR deal will further boost its presence in the ultra-high-net-worth space as it builds on recent investments in Bordeaux Wealth Advisors; Gelfand, Rennert & Feldman; and Lake Street Advisors.
Financial professionals Pete Mattoon, Tony Abbiati and Doug Ederle founded SCS in 2002. They went on to bring on Joe McCuine, Ken Minklei and Steve Oristaglio as key leaders in the group, which now has more than 80 team members.
“We have been looking for a permanent capital partner that protects our commitment to clients and strong culture,” said SCS CEO Mattoon, in a statement. “Focus shares our principles and vision for the future and we are impressed with the firm’s capabilities and demonstrated value delivery to its partners. This is the perfect moment to join Focus and we are excited about our collective future.”