World News: 17:20 GMT Friday 15th March 2019. [Focus Financial Partners Inc. via Globe Newswire via SPi World News]
NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”), a leading partnership of independent, fiduciary wealth management firms, today announced that it has entered into definitive transaction agreements on behalf of two of its partner firms. Under the first agreement, Steinberg Global Asset Management, Ltd. will join Focus partner firm The Colony Group, LLC (“Colony”). Under the second, Matthew F. Massingale will join Focus partner firm Summit Financial Wealth Advisors, LLC (“Summit”). Both transactions are expected to close in the second quarter of 2019, subject to customary closing conditions.
“We are pleased to announce another strategic merger on behalf of The Colony Group. Steinberg Global Asset Management brings Colony deep investment expertise, further bolstering the firm’s investment management capabilities, and provides a scalable entry into the Southeast Florida market,” said Rudy Adolf, Founder, CEO and Chairman of Focus. “This is the second transaction for Summit since joining Focus and further solidifies their position as one of the largest RIAs in Louisiana. These transactions are further evidence of our highly differentiated business model. They demonstrate the value of our network, scale, strong M&A capabilities and capital in accelerating the growth of our partner firms.”
Globe Newswire: 17:20 GMT Friday 15th March 2019
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