Focus Financial Partners said Wednesday that it has struck a deal to acquire Fairway Wealth Management, an RIA with $1.6 billion of assets under management.
The acquisition is the fifth “partner” deal so far this year for Focus Financial and its 15th transaction of 2020. Terms of the deal were not disclosed.
“Fairway will be our first partner in the Cleveland area, further expanding our presence in the important Ohio and Midwest wealth management markets,” said Focus CEO Rudy Adolf in a statement.
“They will also strengthen our presence in the ultra-high net worth client segment through an innovative approach that combines family office capabilities with integrated planning services,” Adolf explained.
Focus Financial [FOCS] has more than $200 billion in client assets across its partnership of 65 firms.