Focus Partners Wealth, a brand operating under Focus Financial Partners, is set to acquire the Los Angeles-based investment management firm Churchill Management.
Earlier this year, Focus Financial Partners restructured its advisory hubs, merging Colony Group, Buckingham Strategic Wealth, and others into the Focus Partners Wealth brand.
Churchill will be the first external firm to be acquired by Focus Partners Wealth since its rebranding.
Focus Financial Partners CEO Michael Nathanson said: “M&A remains an avenue for us to add high-quality firms that are committed to evolving for the benefit of their clients.
“Firms like Churchill, with its commitment to outstanding client service and industry-leading success, are ideal for the integrated model we are building.
“From our first conversation, it was clear that we shared a vision, making this a natural fit and a special opportunity for both firms.”
The acquisition is anticipated to be completed in the third quarter of this year, subject to customary closing conditions.
Upon closing, Churchill is expected to significantly enhance Focus Partners Wealth’s regulatory assets under management by adding around $9.4bn.
Focus Partners Wealth CEO Adam Birenbaum said: “As we continue to build Focus Partners, there is nothing that thrills me more than joining forces with a great firm that enhances what we do.
“The Churchill team is highly talented and complementary. They combine a very rare mindset of high growth and progress forward with a high standard of care. I cannot wait to welcome them.”
Founded in 1963, Churchill offers investment management and financial planning services across the US.
Its team of advisors and business development professionals will join Focus Partners Wealth, bringing additional expertise and expanding client service offerings.
The acquisition will further strengthen Focus Partners Wealth’s market presence and service capabilities.
Churchill will initially operate as a division of Focus Partners Wealth before fully transitioning to the Focus Partners Wealth brand in the future.
Berkshire Global Advisors acted as the exclusive financial advisor to Churchill, while RBC Capital Markets advised Focus Partners on the transaction.
Churchill president Randy Conner said: “Throughout our more than 60 years of serving clients, our core principle has been to meet and exceed our clients’ financial goals using a comprehensive, multi-strategy approach to investing.
“We are excited to begin providing an even greater depth of services to our valued clients with the resources of Focus Partners Wealth.”
