Opalesque Industry Update - Focus Financial Partners, LLC, the largest partnership of independent
wealth management firms approaching $60 billion in client assets, today
announced that The Portfolio Strategy Group, a Westchester based
investment advisor, has joined the Focus partnership, effective December 31,
2012. With over $1 billion in client assets, PSG provides investment management
solutions to more than 200 clients throughout the U.S.|
“We are excited to bring this high quality investment advisor into the Focus partnership and expand our presence in the very attractive and under-penetrated New York market,” said Rudy Adolf, founder and CEO of Focus. “PSG’s investment management expertise will be a resource to other partners and will strengthen our ability to serve clients. Through the addition of such firms as PSG, 2012 has been another successful year for Focus and we look forward to continuing our momentum into 2013.” Through successful transactions and organic growth, Focus added $14 billion in client assets in 2012.
Founded in 1990 by Managing Partner Richard Yoken, PSG serves high-net- worth entrepreneurs and professionals. At a time when high-quality investment consulting with an open architecture approach to investing was only available to institutions, Mr. Yoken founded PSG. He was one of the first to pioneer the approach of delivering these valuable services to high-net-worth individuals.
“In the process of seeking a future partner we placed a paramount emphasis on retaining our independence to achieve our future goals,” said Mr. Yoken. “Through our partnership with Focus, our clients are reassured that we will maintain our culture and rigorous investment management process for the long term. We also look forward to working with Focus to attract additional experienced investment professionals and benefit from the experiences of other Focus Partners.”
PSG has eight full time employees, including Managing Directors Edward Scharf, Peter Yorkes, Lawrence Bartimer, and Thomas Zottner.
Silver Lane Advisors LLC advised PSG on the transaction. Silver Lane Partner, Erika Cramer, commented, “We are pleased to have helped PSG find, in Focus, a partner that enables them to maintain their independence while helping the current and next generation leadership position PSG for an even more exciting future.”
About Focus Financial Partners
Focus was included on Inc. magazine’s 5000 ranking of the nation’s fastest-growing private companies in 2011 and 2010. In 2012, Focus was named a Crain’s New York Business “Fast 50” growth firm in New York City. For more information, please visit www.focusfinancialpartners.com.
About The Portfolio Strategy Group
PSG was founded in 1990 by Richard Yoken, and is headquartered in White Plains, NY. PSG provides discretionary investment advisory services to high net worth individuals and institutional investors with investible assets of $1 million to $100 million. The firm's investment offering combines core portfolio management expertise with an open architecture selection of externally-managed products. PSG also offers a strong alternative capability, which includes both outside managers and its proprietary hedge fund of funds product.