Focus Financial adds $3.5 billion Edge Capital Group to its stable

In the weeks leading up to its closely watched initial public stock offering, Focus Financial Partners was also busy acquiring the $3.5 billion advisory firm Edge Capital Group. Atlanta-based Edge Capital Group, which operated as Edge Advisors prior to the acquisition, listed the new owners in a June 26 filing with the Securities and Exchange Commission. Focus Financial, a New York-based RIA rollup operation that has acquired all or portions of 56 advisory firms since launching in 2006, officially announced the Edge Capital Group acquisition late Thursday afternoon. Less than a week after it raised nearly $600 million by selling 16.2 million shares of company stock, Focus is still in a post-IPO "quiet period," according to a company spokesperson who declined to comment beyond what is stated in the press release. Edge Capital Group did not respond to two requests for comment for this story. According to the most recent SEC filing by Edge Advisors, nearly $2.9 billion of the firm's $3.5 billion under management is through 242 high-net-worth clients. The next largest category of clients listed in the filing includes12 endowments and foundations totaling just over $150 million. The Focus press release described the Edge Capital Group acquisition as "further solidifying Focus' presence in the ultra-high-net-worth advisory space." Like Focus, Edge Capital was founded in 2006. According to the Focus announcement, the Edge transaction was one three that were signed but not closed prior to Focus' most recent financial disclosures leading up the last week's IPO.