US Advisor Snaps Up Greystone

By Jeff Prestridge
February 10, 2008

FOCUS Financial Partners, the New York-based wealth management firm, will announce tomorrow it is expanding into Britain with the purchase of financial services company Greystone.

The acquisition marks the first of many planned by Focus as it seeks to establish a firm foothold in the UK’s fragmented financial adviser market.

Greystone was set up 18 years ago to provide advice to rich individuals and companies. Its 5,000-strong client bank is drawn mainly from its Cheshire hinterland and is believed to include professional sportsmen. It provides wealth management services and has £800 million under management.

Greystone’s executive team will remain in place, with Focus providing funding to boost marketing. The deal also gives Greystone licence to go out and acquire other financial adviser businesses.

Rudy Adolf, chief executive of Focus, believes the turmoil in the UK financial adviser market caused by an ongoing regulatory review of the sector could provide rich pickings.

‘There is an increasing need from wealthy individuals for professional advice,’ he said. ‘It’s a growing demand and we aim to be a major player.’