Kovitz Funding Group Companions, one in all a handful of “hub” corporations into which Focus Monetary is transferring to consolidate the remaining companions in its community, has taken one other step in that course.
Kovitz has agreed to accumulate Relative Worth Companions (RVP) Group, a Focus agency positioned in Northbrook, Unwell., managing greater than $2.5 billion in property as of March 2024, based on an ADV submitting. The deal, anticipated to shut within the third quarter of 2024, will carry Kovitz to greater than $24 billion in shopper property.
Focus beforehand purchased out the Kovitz administration staff to transform it right into a “hub” agency that acquires different Focus companion RIAs. Mitch Kovitz, CEO of Kovitz, turned a Focus vice chairman in January. In April, Michael Nathanson, CEO of The Colony Group, one other Focus hub, was named CEO of Focus.
RVP was based in 2004 by trade veterans Maury Fertig and Bob Huffman. It caters to high-net-worth people and establishments. The RIA turned a Focus companion in 2015.
“Since our agency’s inception, we’ve got sought out alternatives that permit us to boost the companies and instruments we provide purchasers,” Huffman mentioned in a press release. “We now have identified and revered the Kovitz staff for a few years, and we imagine becoming a member of Kovitz is a pure subsequent step in our evolution as a agency.”
When Clayton, Dubilier & Rice purchased Focus final 12 months, the agency’s three founders exited, together with former COO Rajini Kodialam, former M&A head Lenny Chang and CEO Rudy Adolf, who left in October. Below the brand new homeowners, Focus deliberate to merge round 90 independently owned subsidiary practices into a number of of its largest corporations (together with Colony and Kovitz).
In April, Kovitz agreed to purchase Strategic Wealth Companions Group, a Focus agency an hour north of its Chicago headquarters in Deerfield, Unwell.
In Might, Focus merged companion agency Buckingham Strategic Wealth with The Colony Group to create a $50.2 billion RIA. Buckingham Chairman and CEO Adam Birenbaum turned the CEO of the mixed firm.
In June, Focus shifted Connectus Wealth Advisers’ U.S.-based enterprise traces to The Colony Group and Kovitz Funding Group Companions. The Colony Group added Atlas Personal Wealth Administration, Connectus Personal, Hunt Valley Wealth, Mid-Continent Capital and NEIRG Wealth Administration. Focus moved Connectus’ Greenwich, Conn.-based NorthCoast Asset Administration enterprise line to Kovitz.
Earlier within the 12 months, Focus additionally merged Colony and GW & Wade, a Wellesley, Mass.-based RIA with $10.4 billion in shopper property.
