Kovitz Funding Group Companions, one of many “hub” companies into which Focus Monetary is transferring to consolidate the remaining companions in its community, has taken one other step in that path.
Kovitz has agreed to amass Fort Pitt Capital Group, a Pittsburgh-based Focus accomplice agency with $5.9 billion in consumer belongings. The deal, anticipated to shut within the fourth quarter of 2024, will carry Kovitz’s belongings to just about $30 billion.
Focus beforehand purchased out the Kovitz administration crew to transform it right into a “hub” agency that acquires different Focus accomplice RIAs. Mitch Kovitz, CEO of Kovitz, turned a Focus vice chairman in January. In April, Michael Nathanson, CEO of The Colony Group, one other Focus hub, was named CEO of Focus.
Fort Pitt was based in 1995 by Theodore Bovard, present CEO of the RIA. The RIA’s management crew and advisors will be part of Kovitz. The agency joined the Focus partnership in 2015. In 2019, Focus facilitated Fort Pitt’s subacquisition of Harrisburg, Pa.-based Roof Advisory Group.
“Since 1995, our crew has grown tremendously in each the staff we help and the shoppers we’re lucky to serve,” Bovard mentioned in an announcement. “Turning into part of Kovitz would be the newest milestone in our ongoing mission to develop and improve our capabilities, which can allow us to raised meet the complicated and evolving wants of our shoppers.”
When Clayton, Dubilier & Rice purchased Focus final yr, the agency’s three founders exited, together with former COO Rajini Kodialam, former M&A head Lenny Chang and CEO Rudy Adolf, who left in October. Beneath the brand new house owners, Focus deliberate to merge round 90 independently owned subsidiary practices into a number of of its largest companies (together with Colony and Kovitz).
Most lately, Kovitz acquired Relative Worth Companions (RVP) Group, a Focus agency situated in Northbrook, Ailing., managing greater than $2.5 billion in belongings as of March 2024. In April, the RIA agreed to purchase Strategic Wealth Companions Group, a Focus agency an hour north of its Chicago headquarters in Deerfield, Ailing. In Could, Focus merged accomplice agency Buckingham Strategic Wealth with The Colony Group to create a $50.2 billion RIA. Buckingham Chairman and CEO Adam Birenbaum turned the CEO of the mixed firm.
In June, Focus shifted Connectus Wealth Advisers’ U.S.-based enterprise traces to The Colony Group and Kovitz Funding Group Companions. The Colony Group added Atlas Non-public Wealth Administration, Connectus Non-public, Hunt Valley Wealth, Mid-Continent Capital and NEIRG Wealth Administration. Focus moved Connectus’ Greenwich, Conn.-based NorthCoast Asset Administration enterprise line to Kovitz.
Earlier within the yr, Focus additionally merged Colony and GW & Wade, a Wellesley, Mass.-based RIA with $10.4 billion in consumer belongings.
