What You Need to Know
- Focus is adding three more RIAs: Sonora Investment Management, Collins Investment Group and New Providence Asset Management.
- The additions are part of the RIA aggregator's continued aggressive growth strategy and were all announced Thursday.
- Sonora represents the sixth partner firm and 15th M&A transaction for Focus so far this year.
The RIA aggregator Focus Financial continued its aggressive growth on Thursday, announcing deals to add three more RIAs that manage $3 billion in combined client assets.
The latest additions will be Sonora Investment Management, with offices in Phoenix and Tucson, Arizona; Collins Investment Group in Bethesda, Maryland; and New Providence Asset Management in New York.
All three acquisitions are expected to close in the current quarter, subject to customary closing conditions, Focus said. Financial terms were not disclosed.
Focus partner firms combined manage more than $250 billion in client assets.
It represents the sixth partner firm and 15th M&A transaction for Focus so far this year, according to Rudy Adolf, Focus CEO, chairman and founder.
In Sonora’s most recent Form ADV, filed March 16, it reported having eight advisors, all registered with one or more state securities authorities as advisor reps.
Sonora was managing assets of $962.7 million for 422 high-net-worth clients and $386.6 million for other clients, it said.
Collins Investment Group will join Rockville, Maryland-based Focus partner firm XML Financial Group, founded by Robert Collins in 2008.