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

Focus Financial adds $3.5 billion Edge Capital Group to its stable
Newly public RIA rollup bought the Atlanta RIA while it was going through its IPO process
AUG 02, 2018

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.

Latest News

Investing for accountability: How to frame a values-driven conversation with clients
Investing for accountability: How to frame a values-driven conversation with clients

By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.

Advisor moves: Raymond James ends week with $1B Commonwealth recruitment streak
Advisor moves: Raymond James ends week with $1B Commonwealth recruitment streak

JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.

Cook Lawyer says fraud claims are Trump’s ‘weapon of choice’
Cook Lawyer says fraud claims are Trump’s ‘weapon of choice’

Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.

SEC orders Vanguard, Empower to pay more than $25M over failures linked to advisor compensation
SEC orders Vanguard, Empower to pay more than $25M over failures linked to advisor compensation

The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.

RIA moves: Wells Fargo pair joins &Partners in Virginia
RIA moves: Wells Fargo pair joins &Partners in Virginia

Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.