Kovitz Investment Group Partners, one of the few “hub” firms in which Focus Financial is moving towards consolidation the remaining partners in its network, has taken another step in this direction.
Kovitz has agreed to acquire Relative Value Partners (RVP) Group, a Focus firm based in Northbrook, Ill., that manages more than $2.5 billion in assets as of March 2024, according to an ADV filing. The deal, expected to close in the third quarter of 2024, will bring Kovitz to more than $24 billion in client assets.
Focus previously acquired Kovitz's management team to turn it into a “hub” firm that acquires other Focus partner RIAs. Mitch Kovitz, CEO of Kovitz, became vice president of Focus in January. In April, it was Michael Nathanson, CEO of Colony Group, another Focus center appointed CEO of Focus.
RVP was founded in 2004 by industry veterans Maury Fertig and Bob Huffman. It serves high net worth individuals and institutions. RIA became a partner of Focus in 2015.
“Since our firm's inception, we have sought opportunities that allow us to improve the services and tools we offer clients,” Huffman said in a statement. “We have known and respected the Kovitz team for many years and believe that joining Kovitz is a natural next step in our evolution as a firm.”
When Clayton, Dubilier & Rice bought Focus last year, the firm's three founders left, including former CEO Rajini Kodialam, former head of M&A Lenny Chang and CEO Rudy Adolf, who left in October. Under new owners, The focus is planned to merge approximately 90 independently owned subsidiary practices at some of its largest firms (including Colony and Kovitz).
In April, Kovitz agreed to acquire Strategic Wealth Partners Groupa Focus firm one hour north of its Chicago headquarters in Deerfield, Ill.
In May, Focus brought together partner firm Buckingham Strategic Wealth with The Colony Group to create a $50.2 billion RIA. Buckingham Chairman and CEO Adam Birenbaum became CEO of the combined company.
in June, Focus shifted from Connectus Wealth Advisors US-based lines of business for The Colony Group and Kovitz Investment Group Partners. Colony Group added Atlas Private Wealth Management, Connectus Private, Hunt Valley Wealth, Mid-Continent Capital and NEIRG Wealth Management. Focus moved the NorthCoast Asset Management line of business based in Greenwich, Connecticut to Kovitz.
Earlier in the year, Focus also merged Colony and GW & Wadea Wellesley, Mass.-based RIA with $10.4 billion in client assets.