Focus Financial Partners : News

Focus Financial Partners Demonstrates Early Success of Its National Wealth Management Model with Key Acquisitions; Leading partnership of independent financial advisors totals $4.5 billion in Assets under Management

NEW YORK — (BUSINESS WIRE) — June 14, 2006 — Focus Financial Partners, LLC, a strategic and financial investor in leading wealth management firms across the country, today announced the acquisition of two prominent wealth management firms, HoyleCohen, Inc. of San Diego, CA and Resnick Investment Advisors, LLC of Westport, CT., enhancing Focus' breadth of expertise as it continues to build its national presence.

Focus Financial Partners was founded in January 2006 and has swiftly gained momentum as it brings together industry-leading independent wealth advisory firms that share a common vision to change the face of wealth management services on a national scale. With the addition of these two new firms, Focus now manages $4.5 billion in client assets, and ranks among the top ten independent wealth management organizations in the United States according to Bloomberg.

"The Focus name, and over time, brand, stands for quality in fiduciary wealth management," said Rudy Adolf, Focus founder and CEO. "There is enormous opportunity to build the leading fiduciary wealth management firm independent of product manufacturers."

"We joined Focus for its unique model that maximizes the benefits of autonomy while benefiting from the resources, scale and best practices of a large national firm," said Kevin Hoyle, Founding Partner of HoyleCohen.

"Through Focus we will be gaining access to the ideas and expertise of a network of highly respected wealth management firms across the country which we believe will benefit our clients," said Martin Resnick, Partner and Managing Director of Resnick Investment Advisors. In addition to these acquisitions, Focus Financial Partners closed a senior debt financing round with Comerica Bank. Access to this senior debt is a critical component in the Focus business model, as it diversifies and helps to strengthen Focus' capital structure, creating a solid foundation for growth. At its founding, the company received an initial $35 million from Summit Partners, a private equity and venture capital firm with $9 billion under management.

About Focus Financial Partners

Focus Financial Partners, LLC, (www.focusfinancialpartners.com) is a diverse group of wealth management, benefit and investment consulting firms serving individuals, families, employers, and institutions. Clients benefit from the Focus model of independent, personalized investment management and advice under a fee-based structure. Focus also provides an attractive option for advisory firm principals who want to maintain their entrepreneurial independence, benefit from the synergies, scale, shared systems and best practices of a national organization, and achieve an eventual, smooth ownership transition. For more information, please visit www.focusfinancialpartners.com.