Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Practice Management > Building Your Business

Focus Financial Buying $2.5B RIA

Your article was successfully shared with the contacts you provided.

Focus Financial Partners says it is acquiring InterOcean, a $2.5 billion Chicago-based RIA. This latest deal is RIA aggregator’s third partner firm purchase and the 11th transaction so far this year.

“We expect to announce additional transactions in the coming weeks as our M&A momentum increases,”  according to Focus CEO Rudy Adolf.

The group now includes 65 partner firms working in four countries with a $200 billion in combined client assets. Its revenues in the first half of 2020 were $650 million, more than twice those of the same period of 2019; net income in Q1 and Q2 of 2020 totaled $37 million, and $109 million on an adjusted basis.

New Firm Details

As for its newest partner, InterOcean was founded in 2005 and will continue to be led by co-founders Tege Eisaman, Mark Carr and Jeffrey Camp.

“This partnership [with Focus] will … give us access to the growth capital and other resources that will help us accelerate the expansion of our business,” said Eisaman, InterOcean’s CEO and chief investment officer, in a statement.

“They have a young, dynamic management team with a strong growth mindset and will benefit substantially from access to our expertise and resources as they increase their footprint in the important Midwest and Southeast markets,” Adolph explained in a press release on Wednesday.

A month ago, Focus said Stellar Capital Management, an RIA in Phoenix joined partner firm HoyleCohen, based in San Diego, California.

In early July, the RIA roll-up firm announced that CRM Management, a boutique multifamily office and business management firm in New York, became part of Focus partner NKSFB, a Los Angeles-based multifamily office and business management firm.

Related on ThinkAdvisor:


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.