Sun, Sep 21, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Focus Financial Partners buys hedge fund of funds provider

Friday, February 01, 2013
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.”

(press release)

About Focus Financial Partners
Founded in 2006, Focus Financial Partners, LLC, is the leading international partnership of independent, fiduciary wealth management firms. Approaching $60 billion in client assets and with over 800 employees, including over 100 partners, Focus provides wealth management, benefit and investment consulting services to individuals, families, employers and institutions. Clients benefit from Focus’ independence, as well as unrivaled access and continuity. Focus principals maintain their entrepreneurial independence, benefit from the synergies, scale, economics and best practices of the market leader and achieve an eventual, smooth ownership transition.

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
The Portfolio Strategy Group (PSG) is a registered investment advisor serving a national clientele from its White Plains, NY office. PSG develops an investment strategy for its clients’ entire portfolio and implements the plan utilizing experienced investment advisors, including hedge funds, which have been selected by PSG. The firm is one of the oldest and most experienced wealth managers in the country. The five partners at PSG combine for over 120 years of investment experience.

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.

fg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  3. Institutions - North Carolina workers call on state pension to dump up to $6bn in hedge funds, UK pension fund criticizes hedge fund fees[more]

    North Carolina workers call on state pension to dump up to $6bn in hedge funds From Forbes.com: The State Employees Association of North Carolina this afternoon called on state Treasurer Janet Cowell to withdraw all investments in hedge funds, which appear to amount to approximately $6 b

  4. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e

  5. Institutions - Adviser's faith in hedge funds unshaken by CalPERS' move Advisers weigh in on CalPERS’ decision, Gina Raimondo sees no reason to follow California’s lead, exit hedge funds, Danish pension funds step up 'alternative investments'[more]

    Adviser's faith in hedge funds unshaken by CalPERS' move From WSJ.com: Financial advisers who use hedge funds in their clients' portfolios say they aren't rethinking that approach after a huge California pension fund announced plans to exit the hedge-fund market. The decision by the Cali