Assets Under Management AUM

Focus Financial to add $ 3 billion in assets under management with 3 new acquisitions

The transaction “not only extends XML’s presence in the high net worth market in their region, but also brings together two very complementary companies,” according to Adolf.

CIG manages client assets in excess of $ 1 billion, according to his website.

Details of New Providence

New Providence to join Focus partner firm The Colony Group, an independent, fee-only financial consulting firm based in California, Colorado, Connecticut, Florida, Maryland, Massachusetts, New Hampshire, New York and Virginia .

New Providence was founded in 2003 by John Vogelstein, its president, who will serve as vice president of the colony; and is led by a team led by CEO Andrew Vogelstein, who will join Colony’s leadership team as President of Institutional Advisory Services, and Pier Friend, Chief Investment Officer, who will serve as CIO of Advisory Services institutional.

New Providence serves as an outsourced CIO for institutions, foundations, endowments, family offices and high net worth individuals. The transaction marks the second transaction in the OCIO space for Focus as “we continue to grow our presence in this market, and this also expands our footprint in the high net worth sector,” according to Adolf.

In his Most recent ADV form, filed on March 29, New Providence said it has 12 advisers, none of whom have registered BD representatives or investment advisers. The company managed $ 699.7 million in assets for eight high net worth clients, he said.

Update of Focus’s merger and acquisition strategy

“Our M&A pipeline is at record levels, both in the United States and internationally, and we expect this pace of activity to increase further in the second half of 2021,” a spokesperson for Focus on ThinkAdvisor.

“Yesterday, we closed a new $ 800 million tranche on our existing term loan and will use the proceeds to pre-fund transactions we expect to close in the coming quarters,” the spokesperson said. “We plan to deploy capital this year well beyond our historic levels as we accelerate the expansion of our partnership globally.”

Pictured: Rudy Adolf, CEO of Focus Financial.

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