Other - MAY 17, 2017

SCS Financial enters partnership with Focus

by Jody Barhanovich

SCS Financial and its subsidiary SCS Capital Management have entered into a definitive agreement to join Focus Financial Partners, an international partnership of independent, fiduciary wealth management firms.

With $16.5 billion in regulatory assets under management, the addition is the largest to date for Focus, which has seen rapid growth over the last few months with the addition of 10 new partners so far this year and 48 since it launched 11 years ago.

This transaction further enhances Focus’ presence in the ultra-high-net-worth 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.

In 2002, co-founders Pete Mattoon, Tony Abbiati, and Doug Ederle established SCS with a vision to create a firm that centers around UHNW families, marrying world-class wealth advice with top-tier investment capabilities. The firm has offices in Boston and New York and is active in 18 states.

In April, Focus announced that Stone Point Capital and KKR were to obtain a majority interest in the company, which they valued at $2 billion, up from a valuation of $750 million in its last major equity selloff four years ago. Since then, Focus also has announced a partnership with Bordeaux Wealth Advisors, a wealth management firm based in Menlo Park, Calif., that caters to ultra-high-net-worth individuals and families as well.

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