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ON THE MOVE-Boston advisory firms merge, expand Focus Financial
May 30, 2012 / 8:38 PM / in 6 years

ON THE MOVE-Boston advisory firms merge, expand Focus Financial

May 30 (Reuters) - Focus Financial Partners LLC, a firm that has grown by acquiring independent adviser teams across the United States, has expanded in Boston, where one of its partnering firms has merged with a $1.1-billion independent advisory team.

The Colony Group, which joined Focus in October, said on W ednesday it plans to merge with Boston-based Mintz Levin Financial Advisors. The new combined independent advisory firm would have $2.5 billion in client assets under management.

“Our firms have a similar approach to serving clients,” said Colony Chief Executive Michael Nathanson in an interview. “We both have a heavy emphasis on holistic wealth management; not simply focusing on managing money... but also looking at all of the personal and financial circumstances surrounding an individual and family.”

Following the merger, expected to close July 1, Mintz Levin will adopt Colony’s name and relocate to the firm’s Boston headquarters. Mintz Levin co-founder Robert Glovsky will serve as Colony’s vice chairman.

The addition of Mintz Levin represents the third transaction this year for New York-based Focus Financial, which has more than $50 billion in assets. Focus works with newly independent advisers to provide services like business start-up support and legal advice.

The firm, which has largely grown by acquiring independent advisers and teams across the United States since its founding in 2006, has benefited from the movement of experienced brokers going into business for themselves.

Colony, founded in 1986, works with high-net-worth individuals and families on estate and tax planning, in addition to providing investment and wealth management services to corporations, retirement plans and charitable foundations.

Mintz Levin caters to high-net-worth clients with a range of $1 million to $30 million in investable assets. An average Mintz Levin client has about $3 million in investable assets.

“It’s all about growing and having a firm that continues to attract clients and attract talent,” Glovsky said. (Reporting by Ashley Lau in New York; Editing by Dan Grebler)

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