Latest deal caps hot 2012 for Focus

Jan 13, 2013 @ 12:01 am

By Liz Skinner

Focus Financial Partners LLC was very busy last year.

Its purchase last month of Merriman LLC, a $1.5 billion advisory firm, boosted Focus' client assets to nearly $60 billion and marked its seventh acquisition in 2012. The acquisition was announced Jan. 7.

The purchase of Seattle-based Merriman expands New York-based Focus' presence on the West Coast. Merriman's nine advisers will be the first in the Focus network located in Seattle.

Merriman, which was founded by Paul Merriman in 1983, stresses an academically based diversified investment strategy. He retired in 2011.

“Last year was an outstanding year for Focus, and Merriman is one of our most important transactions, as it is one of the leading firms in the Northwest,” said Rudy Adolf, founder and chief executive of Focus. “Merriman is a perfect fit for Focus because it is client-centric and focused on delivering value to clients with a comprehensive-wealth-management model.”

Mr. Adolf declined to discuss the financial terms of the transaction, but he did say that Focus won't have control over Merriman's business.

Management at Focus hopes that Merriman will access its marketing, operations and technology resources, he said.

The transaction allows the next generation of Merriman's financial advisers to become partners in their firm and ensure that the business exists for a long time, said Colleen Lindstrom, Merriman's chief executive.

The firm has about 2,000 clients in 49 states, though most are in the Pacific Northwest.

“We don't expect anything to change for our current clients,” Ms. Lindstrom said. “This will help show clients that their adviser with the firm will be able to serve them for a long time.”

Focus was founded in 2006 with four partner firms and $3.5 billion in assets under management. The Merriman acquisition was the firm's largest registered investment adviser purchase last year.

Additional deals from the year still could be announced, Focus spokeswoman Raina Gajjar said.

lskinner@investmentnews.com Twitter: @skinnerliz

0
Comments

What do you think?

View comments

Recommended for you

Latest news & opinion

The appeal and pitfalls of holding unconventional assets in retirement accounts

While non-traditional asset classes held in individual retirement accounts may have return and portfolio diversification benefits, there are "unique complexities" that limit their value for most investors.

Wells Fargo's move to boost signing bonuses could give it a lift

Wirehouse is seen as trying to shore up adviser ranks that took a hit after banking scandal

New Jersey fines David Lerner Associates for nontraded REIT sales

Firm will pay $650,000 for suitability, compliance and books and records violations.

Report predicts $400 trillion retirement savings gap by 2050

Shortfall driven by longer life spans and disappointing investment returns.

Wells Fargo will ramp up spending to lure brokers

Wirehouse, after losing 400 brokers in first quarter, is bucking trend among rivals who have said they are going to cut back on spending big bucks recruiting veteran advisers

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print