Focus Financial continues to simplify its internal RIA network as it announces another integration between two of its partner firms.
On Thursday, Focus announced that Fort Pitt Capital Group will merge with Chicago-based Kovitz Investment Group Partners, in a transaction expected to close by the fourth quarter of 2024, pending customary closing conditions.
Fort Pitt, which joined Focus in 2015, is a Pittsburgh-based firm with nearly three decades of experience in delivering fiduciary wealth management services. Known for its holistic approach to financial advice and portfolio management, the firm sees the merger as a strategic move to enhance its capabilities by tapping into Kovitz’s broader range of investment tools and resources.
The merger deal is set to bring approximately $5.9 billion in regulatory AUM to Kovitz, which already oversaw an estimated $16 billion book of business following its combination with Institutional and Family Asset Management that was announced in June.
“Since 1995, our team has grown tremendously in both the employees we support and the clients we are fortunate to serve,” Theodore Bovard, founding partner and CEO of Fort Pitt, said in a statement. “Becoming a part of Kovitz will be the latest milestone in our ongoing mission to expand and enhance our capabilities, which will enable us to better meet the complex and evolving needs of our clients.”
The latest development in Focus's internal merger strategy, which it adopted after its acquisition by Clayton Dubillier & Rice and Stone Point Capital in September last year, will also see Fort Pitt’s leadership team and advisors joining Kovitz, further strengthening the combined firm’s presence.
Kovitz CEO and vice chairman of Focus, Mitchell Kovitz, highlighted the incoming team's "[commitment] to putting its clients first" which "has helped them attract top talent that [delivers] meaningful investment and financial planning services,” Kovitz said.
Focus CEO Michael Nathanson, who took over the role in April from CD&R operating partner Dan Glaser, expressed optimism about the merger’s potential to broaden Kovitz’s geographic profile.
"We are excited about what their teams will accomplish together as they expand Kovitz’s presence nationally and into the Pennsylvania wealth market," he said.
Elsewhere, a Commonwealth team in Massachusetts converts to Cetera, while Janney draws four former Wells Fargo advisors to its Radnor, Pennsylvania office.
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