Focus Financial Partners LLC, a New York-based wealth management firm with $52 billion in assets under management, has acquired Chicago-based Vestor Capital Partners, an independent investment advisory with client assets of more than $500 million, Focus officials announced today.

The deal, effective October 1, brings Focus's total number of partner firms and affiliates to 24. This is Focus's fifth acquisition this year and its first venture in Chicago. The financial terms of the deal were not disclosed.

Vestor was founded in 1984 by Brian C. Baker, its president and CIO. The company offers wealth management services, including investment management, financial planning, retirement planning, insurance, estate/wealth transfer planning, business succession services and income tax planning.

The buyer, Focus, was founded in 2006 by Rudy Adolf. The firm has more than 750 employees, which includes more than 100 partners. It offers wealth management and benefit and investment consulting services to individuals, families, employers and institutions.

Adolf says Vestor will serve as a solid base for smaller registered investment advisors (RIAs) that may wish to join Vestor in the near future. The firm "is a very strong client franchise," he says. "It's just another step in Focus's growth story. We believe Vestor will have tremendous opportunity to bring on some of the brokers that are leaving the wirehouses. Vestor will serve as the foundation of a very good relationship here in Chicago."

Adolf says Focus has worked to cultivate a partnership of strong, like-minded, customer-centered RIAs. "Vestor's service model has been built and centered around their clients for nearly three decades, creating the deep client relationships we look for in a partner."

Vestor's Baker says the purchase will allow his firm to grow. "At the core, the Focus model is based on preserving our independence while allowing us to access resources so we can actively pursue our vision. We have set our sights on growing our business by extending our services to more clients and recruiting like-minded advisors to join us."

-- Jim McConville