Focus Monetary Companions, the RIA aggregator that was taken non-public in a sale to Clayton, Dubilier & Rice final 12 months, will mix two of its accomplice companies, Buckingham Strategic Wealth and The Colony Group, to create a $50.2 billion RIA.
Since CD&R took over Focus, it has been consolidating its 90 independently operated subsidiary practices into a handful of its largest companies. Beforehand, Focus purchased out the administration groups of Colony and Kovitz and transformed them to “hub” companies that may purchase different Focus accomplice RIAs.
Adam Birenbaum, presently chairman and CEO of Buckingham, will change into the mixed firm’s new CEO. Michael Nathanson, CEO of Colony who was lately named CEO of Focus, will focus solely on main Focus.
Buckingham’s sister firm, Buckingham Strategic Companions, may even proceed to function beneath Birenbaum. Jonathan Scheid will proceed to function president of Buckingham Strategic Companions.
Buckingham joined Focus as a accomplice agency in 2007. It has over 50 places of work in 27 states and $30.11 billion in AUM. With Buckingham Strategic Companions, it collectively manages or administers over $70 billion of collective belongings.
Based on the latest Kind ADV, The Colony Group had 29 areas in 14 states. In March, Colony introduced its merger with GW & Wade, a Wellesley, Mass.-headquartered RIA with $10.4 billion in belongings. In April, Colony merged with InterOcean Capital Group, a Nashville-based RIA. Each have been a part of Focus’s “hub” technique.
