Focus Financial Bulks Up with $16.5B RIA
Wealth and fund of funds manager SCS Capital Management has joined Focus Financial Partners, marking the rollup firm’s largest-ever deal.
Founded in 2002 by co-founders Peter Mattoon, the firm’s CEO, Tony Abbiati and Doug Ederle, SCS caters to ultra-high-net-worth clients, according to a Focus Financial press release. It manages $16.5 billion from offices in Boston, the firm’s headquarters, and New York.
Joining Focus Financial was the culmination of SCS’ search for a “permanent capital partner,” Mattoon says in the press release. The deal is still subject to closing conditions.
The SCS deal is Focus’s tenth so far this year, and follows the recent addition of Bordeaux Wealth Advisors. Focus Financial also recently brought on Gelfand, Rennert & Feldman and Lake Street Advisors.
The addition of SCS comes on the heels of a major investment in Focus Financial by private equity outfits Stone Point Capital and KKR.
With capital from these PE firms, Focus Financial plans to accelerate its rate of acquisitions, Rudiger Adolf, the firm’s co-founder and CEO, told FA-IQ last month.