Jan 31 Focus Financial Partners LLC, a firm that
has grown by acquiring independent advisers and teams across the
United States, said on Thursday it landed a team in New York
that manages more than $1 billion in client assets.
The Portfolio Strategy Group, an independent investment
adviser based in White Plains, New York, joined Focus at the end
of 2012. PSG, as the group is known, has more than 200 clients
throughout the United States, primarily high-net-worth
entrepreneurs and professionals.
New York-based Focus, which has about $60 billion in total
client assets, provides services such as technology support and
legal advice to independent adviser teams that join as
partnering firms. Focus said it added $14 billion in client
assets in 2012.
PSG, which was founded in 1990 by managing partner Richard
Yoken, has eight full-time employees, including managing
directors Edward Scharf, Peter Yorkes, Lawrence Bartimer and
While a part of the broader Focus network, individual teams
that join Focus maintain their autonomy and choose their own
third-party custodian for their clients' securities.
Focus also recently added Seattle-based independent advisory
firm Merriman LLC, which manages more than $1.5 billion in
client assets. The team, which includes nine financial advisers,
has more than 2,000 clients across the United States, the
majority of which are based in the Pacific Northwest.