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Focus CEO Points to Pent-Up Demand for RIA M&A Despite record M&A activity in the RIA space, Focus CEO Rudy Adolf says the industry is underconsolidating. Following a record quarter for RIA M&A activity, Focus Financial Partners said year to date it has added three new partner firms, facilitated three mergers for existing partners and merged two RIAs into its new Connectus Wealth Advisers business, the firm’s in-house RIA with a shared services model. In the first quarter, Focus closed on its deal to acquire Hill Investment Group, a St. Louis–based RIA with $678 million in client assets. In addition, the firm’s Connectus division acquired U.K.-based Watterson Financial Planning. ....
Focus Has $1B of Dry Powder as It Looks Globally CEO Rudy Adolf said the firm has $1 billion in firepower as it looks to expand its global footprint through Connectus, its new in-house shared services model. Focus Financial Partners closed out one of its best years for mergers and acquisitions with a total of 25 transactions in 2020 including seven new partner firms and 18 mergers on behalf of its partners. On the firm’s fourth quarter 2020 earnings call, Focus Chairman, Founder and CEO Rudy Adolf said he expects 2021 to be an exceptional M&A year, and the firm has about $1 billion to invest in deals over time between its unfunded revolver, cash on hand and cash flow generation. ....