(Reuters) - 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 Thomas Zottner.
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.
Reporting by Ashley Lau in New York; Editing by Kenneth Barry