US independent wealth management firm Focus Financial Partners has acquired UK-based Greystone Financial Services.
The deal, for an undisclosed sum, is Focus’ first international venture and will bring in over 5,000 high net worth clients and the equivalent of around £820m of client assets. It will complete on April 1, 2008.
Greystone, with offices in London and Manchester, has 35 registered individuals.
Focus is the largest partnership of IFAs in the US and says its strategy will see it bringing together firms like Greystone and offering them access to further resources, scope and expertise.
Since its founding in January 2006, Focus now comprises 15 partner firms with over USD 26bn in client assets. It employs over 600 people and services over 18,000 clients.
Greystone will retain its entrepreneurial business model, operational control, culture and brand, which will remain consistent for every other acquisition of Focus.
Focus founder and chief executive Rudy Adolf says: “Greystone represents the future model of successful wealth management firms – combining strong financial expertise with a comprehensive financial planning model. We are truly pleased to welcome them to Focus. We are intent on building a unique international wealth management organisation by bringing the most talented, high-performing independent financial advisers, like Greystone, together.”
Greystone managing director Paul Heap says: “We see this as a great opportunity to further strengthen the Greystone Financial Services and wealth management propositions, and there is a considerable attraction to being the access point to Europe. The quality and professionalism of the Focus firms, the resource and backing offered by Focus, and the fact that each firm retains its operations, management structure and independence will allow us to expand our recruitment and acquisition programs.”