Focus Financial Partners LLC, a New York-based wealth management firm, has announced a series of acquisitions that will bring with it $10 billion in client assets and a national reach that extends to 41 states.
The company announced that it has acquired The Buckingham Family of Financial Services in St. Louis, Sentinel Benefits Group of Wakefield, Mass., and Quantum Capital Management of Corte Cadera, Calif. The deals give Focus Financial Partners a total of $15 billion in assets under management.
The financial terms of the acquisitions were not disclosed.
"The Focus stamp of quality and expertise, and those of its partner firms, will allow us to continue as the premier fiduciary wealth management firm in the market," said Rudy Adolf, the founder and CEO of Focus. "Our commitment to excellence and reputation for quality is only further enhanced by our deals."
The purchase of Buckingham includes Buckingham Asset Management, a wealth management firm, and BAM Advisor Services, which specializes in offering services for CPAs entering into the investment mangement field. In November, Buckingham Asset Management said its assets under management totaled $1.5 billion-about double what it was three years earlier. BAM Advisor Services said it was providing services to CPA-run advisory firms with about $5.5 billion in cumulative assets under management.
Sentinel Benefit is an employee benefits and independent investment advisory firm and Quantum Capital is a money and wealth management firm, according to Focus.