Beacon deal is its largest in the firm’s history by assets while Captrust scooped up a $700 million-asset investment advisory firm in Sacramento.
The first week of March saw Rudy Adolf’s Focus add its third partner firm of the year while other private equity-backed acquirers of RIAs continued their spending streaks.
Focus also said on Thursday it will add Prairie Capital Management, a registered investment advisor with $5 billion in assets under advisement, and merge another $1.3 billion-asset RIA in Rhode Island into existing partner firm SCS Capital Management.
“We see many attractive opportunities to deploy capital,” says CEO Rudy Adolf, citing $1 billion to fuel deals in 2021.
Lawsuit against Scott Holsopple and Hightower says he took vital proprietary data when he joined the firm as “chief growth officer,” a recruiting position similar to his role at Focus Financial.
KKR and Stone Point Capital buy majority stake in the advisory firm rollup, valuing Focus at some $2 billion.