Strategic Wealth Partners to join Kovitz Investment Group
Kovitz Investment Group Partners, one of the few “hub” firms in which Focus Financial is moving towards consolidation over 80 remaining partners in its network, has taken another step in this direction.
Kovitz agreed to buy Strategic Wealth Partners Group, a Focus firm an hour north of its Chicago headquarters in Deerfield, Ill., managing $3.5 billion in client assets. The deal, expected to close this quarter, will bring Kovitz to more than $14.5 billion in assets.
“While we appreciated joining forces with Kovitz and becoming an early participant in the Focus center strategy, we knew it would only work if it was better for our clients, our firm and our trusted business partners,” Strategic Wealth co-founder Neal Prince. shared in a statement. “We have known the Kovitz team both personally and professionally for many years.”
The Strategic Team provides financial planning, investment management and retirement planning services to more than 1,100 clients, including 586 ultra-wealthy families with $3.18 billion under management. Kovitz reported $10.6 billion under management as of April 1, across 3,704 households and 321 institutional investors.
“This strong union underscores our commitment and role in working with firms committed to serving clients in the best way possible,” said Focus President Michael Nathanson. “I look forward to seeing how it opens up even greater opportunities and capabilities for everyone involved.”
Strategic Wealth Partners will continue to do business under the current brand immediately after the deal closes; conditions were not disclosed.
Creative Planning Acquires Central Texas Firm That Manages $1.8 Billion
Creative Planning, the $300 billion Kansas City-based RIA owned by founder and CEO Peter Mallouk, has picked up an 18-person Texas firm that manages almost $1.8 billion in its first acquisition of the year.
With offices in Austin and nearby Round Rock, Texas, ML&R Wealth Management advised an additional $409.5 million for a client list that included 676 households and 15 institutions in early March. The firm offers investment management along with portfolio, pensions and retirement plan consulting.
“Joining forces with Creative Planning brings a comprehensive view of finance along with cutting-edge technology and services,” ML&R Managing Partner Stuart V. Smith shared in a statement. “We are excited to offer these services to the more than 3,000 client accounts we manage, as well as our expertise and services to the broader Creative Planning ecosystem.”
“They have built a strong reputation as a thought leader and presence in the Central Texas community, consistently engaging with businesses and individuals with a breadth of knowledge and solutions to plan for a financially sound future,” Mallouk added.
The acquisition, which closed on April 1, brings Creative Planning closer to its goal of having consulting talent in “every major metropolitan market.” With locations in all 50 states and 90 countries, the sprawling firm oversees more than $300 billion and has made several major deals in recent months, including the acquisition of Mesirow's retirement services businessess and formerly United Capital from Goldman Sachs.