Focus Financial Partners, the New York-based RIA aggregator, is continuing to consolidate by bringing Gratus Capital, an Atlanta-based partner firm with $3.8 billion in assets under management, into the Colony Group. The deal is expected to close in the third quarter.
Gratus was founded in 2005 by CEO Hank McLarty and focuses on high net worth individuals and families. The firm joined the Focus network in 2014, according to its website.
“The expanding Gratus team is a strong fit for our organization,” said Adam Birenbaum, who became Colony's CEO after becoming recently joined Buckingham Strategic Wealth. “Their culture and processes have enabled their growth, and the resources we're cultivating at Colony will be used to help firms like Gratus maintain and accelerate that growth.”
Last year, Focus went private in one sale to private equity firm Clayton, Dubilier and Rice. Since CD&R took over, Focus has consolidated its 90 independent operations 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.
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. This was followed by joining Buckingham in May. In June, Focus moved five business lines from Connectus to Colonyincluding Atlas Private Wealth Management, Connectus Private, Hunt Valley Wealth, Mid-Continent Capital and NEIRG Wealth Management.
Colony recently named Daniel Anderson, the former CFO of Buckingham Strategic Wealth, as its new CFO, replacing Terri Feeney, according to public filings. Sal Pope, general counsel and CCO at Buckingham, will serve as Colony's chief legal and risk officer, while Justin Ferri, president and COO at Buckingham, will serve as co-president alongside Zinovy Iosovich.