Focus Financial Partners, an acquirer of independent RIAs, today announced that it has elevated Michael Nathanson as the company’s chief executive officer.

Nathanson, who is president of Focus Financial, will also remain CEO of The Colony Group, which with $31 billion in AUM is one of the biggest firms in Focus Financial's network.

Focus said Nathanson will take over as CEO immediately and interim CEO Dan Glaser, chairman of its board of directors and operating partner at private equity firm and Focus’ majority investment partner Clayton, Dubilier & Rice (CD&R), will serve as executive chairman.

In August 2023, Focus was acquired by CD&R and private equity firm Stone Point Capital for more than $7 billion in cash, a deal which took the firm private.

The appointment of Nathanson comes at a time when private equity firms have asserted themselves and replaced founders of giant aggregators with executives, often dealmakers, with executives skilled at operations. Nathanson fits the bill on both counts, having served as a partner at the global law firm of Wilmer Cutler Pickering Hale and Dorr and also executing many advisory M&A transactions at The Colony Group.

Last month, the firm announced an agreement to merge The Colony Group and with another of its  firms, Wellesley, Mass.-based GW & Wade, which now operates as GW & Wade at The Colony Group.  

Nathanson “will continue his long track record of building strong, innovative, growth-oriented organizations that operate at the forefront of the fiduciary wealth management segment,” the press release said, adding that “he will lead the design and execution of the firm’s ongoing strategic priorities, including fostering greater collaboration across the Focus partnership to facilitate the development of best-in-class capabilities and services.”

“Michael is an exceptional leader in our industry, having grown The Colony Group into one of the largest and best-known firms in the independent space. His promotion to CEO adds immense value to Focus’ leadership team,” Glaser said in a statement. “Michael has been instrumental in executing our evolved strategy, delivering strong momentum on Focus’ hub expansion, setting our go-forward strategic vision, and identifying opportunities for collaboration across our business.”

Glaser has more than 40 years of financial services experience and has served as CEO of Marsh McLennan, the release said.

“I’m extremely proud of what we’ve done together. We’ve made substantial progress already, and I look forward to continuing the work necessary to further evolve Focus into the unequivocal industry leader in the fiduciary-advice space,” Nathanson said in the release.

The company said the appointments of Nathanson and Glaser “represent an important pillar of Focus’ continued evolution as a firm. Moreover, they underscore Focus’ unwavering commitment to delivering innovative solutions for clients and advisors while unlocking strategic growth opportunities for the firm.”

Founded in 2004, the N.Y.-based Focus is a partnership of fiduciary wealth management and related financial services firms, with more than 90 partner firms in more than 38 states and in Australia, Canada, Switzerland and the U.K.

All three of the firm’s founders, former CEO Rudy Adolf, former COO Rajini Kodialam and former head of M&A Lenny Chang, left after it was sold to CD&R.