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May 14, 2017 at 11:00 PM PDT
SCS Financial Joins Focus Financial Partners
SCS Financial Joins Focus Financial Partners
New York, NY – May 15, 2017 – Focus Financial Partners (‘Focus’), a leading international partnership of independent, fiduciary wealth management firms, today announced that SCS Financial and its subsidiary, SCS Capital Management (‘SCS’), an independent registered investment advisory firm based in Boston, Massachusetts and New York, New York, has entered into a definitive agreement to join the Focus partnership. With $16.5 billion in regulatory assets under management, SCS is the largest deal in Focus’ history, marks the 10th deal announced by Focus in 2017 and comes on the heels of the recent announcement of an investment in Focus by private equity firms Stone Point Capital and KKR.
In 2002, co-founders Pete Mattoon, Tony Abbiati, and Doug Ederle established SCS with a vision to create a firm that centers around ultra-high-net-worth (‘UHNW’) families, marrying world-class wealth advice with top-tier investment capabilities. Since its establishment, the firm added Joe McCuine, Ken Minklei and Steve Oristaglio as key leaders in the organization, and now counts over 80 team members. SCS was ranked as one of “America’s Top 40 Wealth Management Firms” by BARRON’S in 2014, 2015 and 2016.[*]
“We founded SCS to be a truly independent, fiduciary firm that always places the interests of UHNW families first and delivers to them elite wealth counsel, investment management and client service operations. It is that founding mission which allowed us to grow and meet the high expectations of our amazing clients,” said Pete Mattoon, Co-Founder and CEO of SCS. “We have been looking for a permanent capital partner that protects our commitment to clients and strong culture. Focus shares our principles and vision for the future and we are impressed with the firm’s culture and demonstrated value-delivery to its partners. This is the perfect moment to join Focus and we are excited about our collective future.”
“We are delighted to welcome Pete and his partners to Focus. The firm’s exclusive clientele, highly sophisticated advice model, precision in execution, leadership and scale were what impressed us from the beginning. Given Focus’ capital and value-add resources, we look forward to collaborating with SCS in their continued long-term success,” said Lenny Chang, Co-Founder and Managing Director at Focus.
“We take great pride in the firms we attract to Focus. Partnering with one of the most respected firms in the industry demonstrates the unique power of our model,” said Rudy Adolf, Founder and CEO of Focus. “We are committed to being the go-to partner for entrepreneurial, elite wealth management firms in the U.S. and beyond. With the recently announced investment by Stone Point Capital and KKR, we are just starting an exciting new chapter in Focus’ history.”
This transaction further enhances Focus’ presence in the UHNW space and follows recently announced investments in Bordeaux Wealth Advisors, Gelfand, Rennert & Feldman and Lake Street Advisors, all firms with a strong client base in this segment. The transaction is subject to customary closing conditions.
About Focus Financial Partners
Focus Financial Partners is a leading partnership of independent, fiduciary wealth management firms. Focus provides superior access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with wealth management, benefits consulting and investment consulting services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices of a market leader to achieve their business objectives. For more information about Focus Financial Partners, please visit www.focusfinancialpartners.com
About SCS Financial
SCS Financial is a leading-edge fiduciary wealth management firm that focuses solely on serving UHNW clients. SCS offers fee-based expert advice that helps wealthy families feel secure and confident in their financial futures. Full services encompass critical areas, including Financial Planning and Investment Management. SCS prides itself in its independent, unwavering approach, and all clients benefit from its honesty in helping them pursue their personal objectives. For more information about SCS, please visit www.scsfinancial.com
[*] The Barron’s list is based on client assets of $5 million or more using information supplied by the firms pursuant to a survey.
Phone: +1 646-775-6412