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.