Focus Financial Partners, LLC, a New York-based holding company with 15 independent wealth management firms and more than $26 billion in client assets, yesterday announced its first international acquisition with the purchase of Greystone Financial Services, Ltd., a British wealth management firm with more than U.S.$1.6 billion in assets under advisement. With offices in London and Manchester, Greystone has more than 5,000 clients comprised of high-net-worth individuals, corporations and trustees.

Terms of the deal weren't disclosed, and it's expected to close on April 1.

"Greystone is one of the most successful entrepreneurial wealth management firms we have encountered...anywhere," said Rudy Adolf, Focus Financial's founder and CEO. Adolf added that he aims to create the first global network of independent wealth management firms.

Focus Financial's strategy centers on acquiring advisory firms with assets of at least $350 million. It generally purchases between 40% to 70% of a firm's cash flow in exchange for cash and an ownership stake in the company. In return, Focus Financial provides various support ranging from back-office and technology to marketing and business development. It eventually hopes to go public.

Focus Financial began two years ago with four firms and $3.5 billion in assets, and was funded by the private-equity group Summit Partners.