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Industry Spotlight > Mergers and Acquisitions

Focus Financial Scoops Up $9B Ohio-Based Wealth Group

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What You Need to Know

  • Cleveland-based Ancora Holdings is employee-owned and led by CEO and Chairman Fred DiSanto.
  • The transaction should close in the fourth quarter of 2021.
  • In July, Focus Financial Group moved to buy three RIAs that manage $3 billion in combined client assets.

Ancora Holdings, a wealth and investment management firm that works with about $9 billion in assets, is joining Focus Financial Partners, the firms said Wednesday. 

The transaction involving Cleveland-based Ancora which is employee-owned and managed by a seven-person executive team led by CEO and Chairman Fred DiSanto should close in the fourth quarter of 2021. 

“We are excited to welcome Ancora to the Focus partnership,” according to Rudy Adolf, founder, CEO and chairman of Focus. 

“The value of our partnership resonated with the Ancora team because of our unique focus on empowering the entrepreneur and the value-added services we offer our partner firms,” Adolf explained. “We believe that Ancora will take full advantage of these resources, positioning it to be a major platform not only in the Midwest but beyond.”

Ancora’s operations include Ancora Advisors ($6.2 billion), Ancora Family Wealth Advisors ($2 billion), Ancora Alternatives ($670 million), Ancora Retirement Plan Advisors and broker-dealer  Inverness Securities. In addition to its Cleveland location, it has offices in Naples, Florida, and Detroit.

“Partnering with Focus allows us to maintain our independence while at the same time enhancing our client value proposition,” DiSanto said in a statement. “We … believe that by leveraging Focus’ many resources, we will be able to further accelerate the growth of our business.”

In July, Focus moved to buy three RIAs that manage $3 billion in combined client assets:

Sonora Investment Management, Collins Investment Group and New Providence Asset Management in New York. Its partner firms managed over $250 billion in client assets when these deals were announced. 

(Pictured: Focus Financial CEO Rudy Adolf)