Focus Financial Partners, the RIA aggregator that was taken private a sale to Clayton, Dubilier & Rice last year, will combine two of its partner firms, Buckingham Strategic Wealth and The Colony Group, to create a $50.2 billion RIA.
Since CD&R took over Focus, it has consolidated its 90 operations independently subsidiary practices in a handful of its larger firms. Previously, Focus acquired the management teams of Colony and Kovitz and converted them into “hub” firms that will acquire other Focus partner RIAs.
Adam Birenbaum, currently Buckingham's chairman and CEO, will become the new CEO of the combined company. Michael Nathanson, CEO of Colony who was recently named CEO of Focus, will focus only on the main focus.
Buckingham's sister company, Buckingham Strategic Partners, will also continue to operate under Birenbaum. Jonathan Scheid will continue to serve as president of Buckingham Strategic Partners.
Buckingham joined Focus as a partner firm in 2007. It has over 50 offices in 27 states and $30.11 billion in AUM. With Buckingham Strategic Partners, she collectively manages or administers over $70 billion in collective assets.
According to the most recent Form ADV, Colony Group had 29 locations in 14 states. In March, the Colony announced it joining GW & Wade, a Wellesley, Mass.-based RIA with $10.4 billion in assets. In April, Colony merged with InterOcean Capital Group, a Nashville-based RIA. Both were part of Focus' “center” strategy.