Kovitz Investment Group acquires Northern Capital Management

Kovitz, which pushes beyond $4 billion under managment with its second deal of the year, is part of the network of Focus Financial Partners

Nov 26, 2018 @ 12:35 pm

By Jeff Benjamin

Chicago-based registered investment adviser Kovitz Investment Group announced Monday it is acquiring Northern Capital Management, a Madison, Wisc. -based RIA with $544 million under management.

The deal, which will close early next year, marks the second acquisition of the year for Kovitz, which has grown to more than $4 billion since its founding in 2003.

In August, Kovitz announced its acquisition of AFAM Capital, which has approximately $1 billion under management.

eals represent sub-acquisitions for Focus Financial Partners (FOCS), which raised $565 million through an initial public stock sale in July.

During both of Focus' earnings calls since going public, chairman and chief executive officer Rudy Adolf said there are about 500 suitable RIA partner firms that could potentially join the 60 firms now making up Focus' partner network.

Regarding the latest Kovitz deal, Mr. Adolf said, "With our M&A expertise and value-added program, we expect continued excellence from the Kovitz team."

"As I recently mentioned, Focus is working on more opportunities than in any other time I can remember," he added. "We anticipate having a number of similar announcements in the weeks ahead."

Year to date, Focus has closed eight direct transactions and 16 mergers by partner firms.

0
Comments

What do you think?

View comments

Most watched

INTV

Young advisers envision a radically different business in five years

Fintech and sustainable investing are two factors being watched closely by some of the 2019 class of InvestmentNews' 40 Under 40.

INTV

Young professionals see lots of opportunity to reinvent the advice experience

Members of the 2019 InvestmentNews class of 40 Under 40 have strategies to overcome the challenges of being young in a mature industry.

Latest news & opinion

New Jersey fiduciary rule: Pressure leads to public hearing, comment deadline extension

Industry push results in chance to air grievances on July 17 and another month to present objections.

InvestmentNews' 2019 class of 40 Under 40

Our 40 Under 40 project, now in its sixth year, highlights young talent in the financial advice industry. These individuals illustrate the tremendous potential of those coming up in the profession. These stories will surprise, entertain, educate and inspire.

Galvin to propose fiduciary rule for Massachusetts brokers

The secretary of the commonwealth is proposing a fiduciary standard in response to an SEC investment-advice rule he views as too weak.

Summer reading recommendations from financial advisers

Here are some books that will keep you informed and entertained during summer's downtime

4 strategies for Roth conversions

There's never been a better time to do a Roth conversion, and here are several ways to go about it.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print