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Focus Financial Adds $5B RIA

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What You Need to Know

  • Kansas City, Missouri-based Prairie Capital Management is joining the firm as a partner.
  • Also, Matheys Lane Capital Management of Providence, Rhode Island, is becoming part of Focus partner firm SCS Capital.
  • These RIAs should strengthen Focus Financial's ultra-high-net-worth client base, it says.

RIA aggregator Focus Financial Partners will be adding Prairie Capital Management, a Kansas City, Missouri-based RIA with $5 billion in client assets, as part of an agreement announced by Focus on Thursday.

The addition of Prairie strengthens Focus’ position with RIA firms that serve ultra-high-net-worth clients and gives it another strong player in the Midwest, according to Focus, which now has about $250 billion in client assets and 4,000 employees globally.

Prairie was founded by managing directors Brian N. Kaufman, Curtis A. Krizek and Rob S. Schneider. Its other managing directors are Michael M. Gentry, Andrew S. Klocke, R. Riley Pratt and John S. Thurlow.

Separately, Focus announced Thursday that it entered into a definitive agreement under which Matheys Lane Capital Management, an RIA based in Providence, Rhode Island, will join Focus partner firm SCS Capital Management, based in Boston, Massachusetts, with additional offices in New York City and Los Angeles.

Both transactions are expected to close in the second quarter of 2021, subject to customary closing conditions, Focus said without providing financial terms of the deals.

More Prairie Details

Since it was founded in 1995, Prairie has provided fiduciary wealth management services to a select group of ultra-high-net-worth individuals, family offices, foundations, endowments and other institutions across the U.S. In addition to its Kansas City, Missouri, headquarters, Prairie has additional principals in the Chicago and Dallas metropolitan areas.

Focus’ “track record of providing extensive resources and strategic advice to leading RIAs serving a similar clientele will be invaluable to Prairie,” according to Kaufman. “Additionally, partnering with Focus allows us to preserve our independence and maintain our entrepreneurial identity, while enhancing our ability to serve our clients,” he said in the announcement.

Explaining why Focus wanted to acquire Prairie, Rudy Adolf, Focus CEO, chairman and founder, said the RIA’s “sophisticated investment platform and deep commitment to fiduciary advice has led them to become one of the top firms in the ultra-high net worth space.” Prairie’s “distinguished management team and nationwide clientele positions them well for the future,” he said in a statement.

More Matheys Lane Details

Matheys Lane was established in 2008 by Heather Crosby and provides a broad range of investment advisory, financial planning, and customized wealth management solutions to ultra-high-net-worth families and family offices.

“Gaining access to SCS’s infrastructure, resources and deep bench of talent will enhance Matheys Lane’s current service offerings and promote continuity for its clients,” according to Focus. The transaction will “enable SCS to expand its presence in the ultra-high net worth market and also add talented professionals to its team,” Focus noted.

Crosby, with Michael Sweeny, Matheys Lane chief investment officer, will join SCS as managing directors, Focus said.

“We believe that bringing together two like-minded, client-centric firms will elevate the experience of our collective client base,” according to Crosby.

 

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