RIA aggregator Focus Monetary is continuous to consolidate accomplice corporations; this time, the Dallas, Texas-based Brownlie & Braden Advisors is becoming a member of Focus accomplice agency Prairie Capital Administration Group, positioned in Kansas Metropolis, Mo.
As of the transaction, Prairie Capital has $7 billion in managed belongings. Brownlie & Braden’s former president, James Braden, will grow to be a managing director at Prairie and known as the deal an “thrilling subsequent step” within the agency’s evolution.
“The mix will enable us to supply a fair broader array of subtle options to our shoppers,” he stated. “What’s equally thrilling is the robust cultural alignment.”
Brownlie & Braden was based in 1997 and joined Focus as a accomplice agency in 2017. The RIA works with high- and ultra-high-net-worth people, offering personalised recommendation, tax and property planning and different companies.
Prairie Capital was based in 1995, and it managed $5 billion when Focus acquired it in 2021. Along with its headquarters in Kansas Metropolis (and the newly acquired Brownlie & Braden Dallas-Fort Value workplaces), Prairie Capital has principals in Chicago and Denver. The agency works with UHNW people, household workplaces, foundations and endowments, and its companies embrace wealth administration, monetary planning, tax and property planning and different household workplace wants.
Based on Prairie Capital Managing Director Andy Klocke, Dallas-Fort Value is a “key strategic market” for the agency, and the mixture of the 2 Focus accomplice corporations will “considerably improve” Prairie Capital’s presence there.
“Brownlie & Braden’s experience, dedication, and shared values make this mix a pure match,” he stated.
Final yr, WealthManagement.com reported that Focus Financial anticipated to consolidate round 90 independently operated subsidiaries into a number of of its already-existing bigger corporations.
As a part of this technique, Focus marked a number of corporations as “hubs” for taking in current corporations, together with The Colony Group, Kovitz Funding Group Companions and SCS Capital Administration LLC. Earlier this month, Focus named the Los Angeles-based Gefland, Rennert & Feldman as its fourth hub.
Earlier this yr, Focus appointed Mitch Kovitz, the principal, founder, and co-chief funding officer on the $7.68 billion accomplice agency Kovitz, as vice chairman; moreover, Michael Nathanson, CEO of the $21 billion Colony Group, turned Focus’ president (and later CEO).
Focus has continued consolidating its accomplice corporations, together with merging The Colony Group with GW & Wade, a Massachusetts-based RIA with $10.4 billion in managed belongings. Focus combined The Colony Group with partner firm Buckingham Strategic Wealth in Might to create a $50.2 billion RIA.
In June, Focus shifted Connectus Wealth Advisers’ U.S.-based enterprise strains into The Colony Group and Kovitz Funding Group Companions; one month later, Kovitz purchased the $2.6 billion accomplice agency Relative Value Partners Group, bringing Kovitz to greater than $24 billion in belongings.
This week, Focus announced that two Connecticut-based partner firms, Coastal Bridge Advisors and TrinityPoint Wealth, would mix beneath the Coastal Bridge title.
Final yr, Focus was taken non-public in a sale to non-public fairness agency Clayton, Dubilier & Rice. Within the aftermath, all three Focus founders, together with former COO Raijini Kodialam, former M&A head Lenny Chang and former CEO Rudy Adolf, exited.
