Focus Financial Buys WESPAC

Focus Financial Partners, a New York-based wealth management group, has acquired WESPAC, an Oakland, Calif.-based registered investment advisor and benefits administrator. No financial terms were disclosed. Focus Financial is backed by Summit Partners.

 

PRESS RELEASE

 

Focus Financial Partners, LLC, the first global partnership of independent wealth management firms with over US$29 billion in client assets, today announced its acquisition of Oakland, CA-based registered investment advisor (RIA) and benefits administrator WESPAC. The firm provides financial planning and advisory services to individual clients and retirement and benefit plan administration and investment services to small- and mid-sized employers, with more than US$1 billion in assets under advisement. The acquisition closed on July 1, 2008.

 

“WESPAC is a leading third party administrator / registered investment advisor and has the entrepreneurial drive and commitment to serving clients that are the hallmarks of every Focus firm. We are pleased to have them on board,” said Rudy Adolf, Focus Financial Partners’ founder and CEO.

 

“WESPAC has a long-standing tradition of delivering creative benefits solutions and investment advice to our clients,” said Nelson Chia, co-president of WESPAC. “With Focus, we are able to take our unique service model to the next level, further develop our leadership team, and network with other best-in-class firms, all while maintaining our innovative, independent firm culture.”

 

WESPAC marks the third acquisition for Focus this year. In April, Manchester, UK-based Greystone Financial Services joined Focus in the first cross-border transaction in the independent RIA industry, and two partner firms expanded their teams during the first half of 2008. Focus guided these firms throughout their transactions by identifying external talent, conducting due diligence, providing access to capital, and assisting with integration. Briefly, the deals were:

 

* Greystone Financial Services � Three months after joining Focus, the UK-based firm acquired Roger Harris & Co, an independent wealth manager based in Leicestershire, UK, in July. Roger Harris & Co has a client base of about 140 investors.

 

* HoyleCohen – In April, Elisabeth Cullington, CFP�, CDFA, and her team joined the San Diego, CA firm. Cullington is a recognized leader among female RIAs in the country with 24 years of experience working with senior executives, business owners and retirees. She was previously principal and co-founder of Cullington Hill Advisors.

 

“Sub-acquisitions are an integral part of Focus’ strategy to add value to our partners,” said Adolf. “Dynamic partnerships forged with innovative independent advisors can thrive in any market. The acquisition of WESPAC and the expansion of Greystone and HoyleCohen are testaments of Focus’ commitment to continued growth and expansion in the U.S. and abroad.”

 

Since its founding in January 2006, Focus Financial Partners has grown to 16 partner firms handling over US$29 billion in client assets. Majority owned by its partners, today the organization has more than 600 employees. Focus was initially funded by Summit Partners, a leading global private equity and venture capital group, with a capital base of nearly US$9 billion.

 

About Focus Financial Partners

 

Focus Financial Partners, LLC, is the leading international partnership of independent, fiduciary wealth management firms. With more than US$29 billion in client assets and more than 600 employees, Focus partners provide wealth management, benefit and investment consulting services to individuals, families, employers, and institutions. Focus is majority owned by its partners. Clients benefit from Focus’ partners independence, unrivaled access and continuity. Focus principals maintain their entrepreneurial independence; benefit from the synergies, scale, economics and best practices of the market leader; and achieve an eventual, smooth ownership transition. For more information, please visit www.focusfinancialpartners.com.