Focus Financial Partners says it’s acquiring another multibillion-dollar registered investment advisor firm to add to its streak of recent additions.
The latest target is Needham, Massachusetts-based Beaumont Financial Partners, a company formed in 1999 out of predecessor firm Beaumont Trust Associates, itself founded in 1981, according to Focus. Beaumont offers investment management, wealth planning and tax preparation services to high net worth individuals and families, Focus says.
Beaumont manages a total of more than $3 billion for 3,616 accounts, according to its Form ADV last updated in March.
Focus didn’t disclose the financial terms of the deal, which is expected to close in the fourth quarter.
Beaumont managing partners Tom Cahill and Larry Fiore, along with the rest of their executive team, will continue leading the firm, Focus says.
“Our strategic relationship with Focus will provide our team with expanded resources and enhance the solutions we can offer our clients through their value-add programs,” Cahill said in the announcement. “We appreciate that as a Focus partner firm, we will maintain our entrepreneurial culture and autonomy.”
Focus announced earlier this summer that it’s adding a $2 billion RIA firm based in Houston.
Earlier this year, Focus also acquired several RIA firms managing several hundred million dollars each.
Last month, Focus founder, chief executive officer and chairman Rudy Adolf said the company is set to have its best year on record in terms of mergers and acquisitions.