The wheels of consolidation are continuing to turn at Focus, the Clayton Dubilier & Rice-backed RIA aggregator, as it unveils another merger agreement between two of its partner firms.
On Monday, Focus Financial Partners announced a definitive agreement for San Diego-based HoyleCohen to join The Colony Group. The transaction, pending customary closing conditions, is expected to finalize in the third quarter of 2024.
With four offices across California and Arizona, HoyleCohen has been a Focus partner firm for nearly two decades. Known for its tailored wealth solutions and strong client relationships, the RIA specializes in long-term financial planning.
“We have grown significantly since partnering with Focus in 2006,” Mark Delfino, CEO and senior managing partner at HoyleCohen, said in a statement Monday.
“As we evaluated the resources that our team needed to continue our pace of growth, we realized that partnering with a firm like Colony would help us accelerate the achievement of our firm’s goals and, most importantly, the life goals of our clients,” Delfino said.
The merger will allow HoyleCohen to access Colony’s extensive planning and investment expertise, enhancing its advisory capabilities. For its part, Colony will benefit from HoyleCohen’s skilled advisors and resources, expanding its presence on the West Coast.
The deal is set to add HoyleCohen’s book, totaling roughly $3.6 billion in AUM as of June 30, to Colony. Colony has already grown substantially from absorbing numerous other Focus partner RIAs, including St. Louis-headquartered Buckingham Strategic Wealth.
“HoyleCohen has established itself as a leader in providing personalized financial and life planning advice,” noted Adam Birenbaum, who became CEO of Colony as part of the Buckingham merger deal unveiled in May, as he welcomed the San Diego-based firm’s bench of talented advisors. “[W]e look forward to working with them to further enhance our offerings and capabilities.”
Meanwhile, Michael Nathanson, CEO of Focus, underscored how the two firms “are deeply aligned in their core values and how they serve clients.”
“We’re confident that, together, they will take full advantage of the solutions each has built to meet the complex and unique needs of their clients and teams,” Nathanson said.
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