In addition, Focus Financial is buying a $1.1 billion-AUM firm doing business in the U.S. and Canada.
Plaintiff agreed to drop a proposed class action suit against $188 billion-AUM Fisher Investments over alleged federal telemarketing violations with both parties bearing their own costs.
The Chicago-based serial RIA acquirer has roped in more than $13 billion in client assets via six deals announced so far in 2021.
The Cleveland-based holding company, which in the spring had waged a public, but ultimately unsuccessful proxy battle against Blucora, will be the 77th Focus partner firm.
Chad Goodchild and Jacob Schlict, who had spent their entire brokerage careers with Merrill Lynch, left the wirehouse to start their own New York RIA through TruClarity Wealth Advisors.
The Chicago-based business development officer claimed $19,000 in vendor expenses for an RIA client that wasn’t eligible for reimbursement, Finra said.
The sale to Leonard Green & Partners will allow the Mariner founder’s family holding company to take some money off the table, but Bicknell will remain majority owner of the firm.
Eight-person group includes four advisors who had been managing $1.2 billion in client assets, according to an announcement on Tuesday.
Didi Nicolas, a 27-year veteran hired from Morgan Stanley in 2018, was promoted to oversee Merrill Lynch’s Nevada market that includes around 150 brokers.
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.