Focus Financial Partners Buys Big Regional RIA Outright
Focus bought 100% of the Atlanta RIA, founded in 2006 by a former investment banker at Morgan Stanley and former brokers at Goldman Sachs and Donaldson, Lufkin & Jenrette, from Edge, formerly known as Edge Advisors, according to a June 26 ADV filing from Edge.
Edge Capital Partners’ 10 advisors wil work from offices in Florida, Georgia, Kentucky, North Carolina, Tennessee and Texas, according to the press release. Terms of the deal were not disclosed.
The firm will oversee $3.5 billion, typically requiring clients with a minimum $3 million investment, AdvisorHub says. Edge and Focus officials didn’t return AdvisorHub’s requests for comment.
In the past, Focus normally acquired only portions of an RIA’s cashflow instead of all of its equity, according to the website.
The company had a stake in 56 firms, not counting Edge, at the time of its $535 million IPO last month, AdvisorHub writes.
Many of those acquisitions occurred leading up to the IPO, according to the website.
This includes the acquisition of stakes in Fortem Financial, which manages $224 million, Bartlett Wealth Management, which oversees $4 billion, and Asset Advisors Investment Management, which manages $800 million, AdvisorHub writes. In May, Focus lured three former Merrill Lynch brokers, who affiliated their new $800 million RIA, Pasadena Private Wealth, with Focus, according to the website.