Focus Financial Partners Announced that Oak Asset Management Will Join Partner Firm Vestor Capital, Increasing Vestor's Presence in the Chicago Wealth Management Market
Focus Financial Partners Inc. (NASDAQ:FOCS) announced a definitive agreement for Oak Asset Management to join its partner firm Vestor Capital. The transaction is set to close in the fourth quarter of 2020, pending customary conditions. Oak, founded in 2006, offers investment management for high net worth clients and will enhance Vestor's service offerings. This merger marks Vestor's first since joining Focus in 2012, aiming to expand its footprint in the Chicago area. Focus emphasizes this as part of its strategy for succession planning within partner firms.
- Strategic merger enhances Vestor Capital's service offerings and market presence.
- Brings Focus Financial to 13 mergers year-to-date, indicating strong growth.
- Long-term continuity plan ensures high-quality client care post-merger.
- None.
NEW YORK, NY / ACCESSWIRE / November 2, 2020 / Focus Financial Partners Inc. (NASDAQ:FOCS) ("Focus"), a leading partnership of independent, fiduciary wealth management firms, announced today that it has entered into a definitive agreement under which Oak Asset Management ("Oak"), a registered investment adviser in Oak Brook, Illinois, will join Focus partner firm Vestor Capital ("Vestor"), based in Chicago, Illinois. This transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions.
Oak was founded in 2006 by Scott Stuth, together with Jay Sanders and Steve Blohm who are partners in PBC Advisors LLC ("PBC"), a local accounting firm. Oak provides investment management services to high net worth individuals and trusts and estates, as well as to pension and profit-sharing plans for clients and professional practices in the health care field. Following this transaction, Scott will join Vestor and will continue to work closely with Jay, Steve and their colleagues and clientele at PBC.
"After knowing Marty and Dennis for many years, I believe that Vestor is the right partner for Oak," said Scott Stuth, President of Oak. "This transaction will allow Oak to leverage Vestor's broad range of resources to expand the services we offer our clients. Equally important is having access to Vestor's team of professionals, who share a like mind-set when it comes to investment philosophy and client service. Joining Vestor will also enable us to establish a long-term continuity plan that ensures Oak's clients will always be well taken care of."
"Oak's fiduciary approach and commitment to clients has turned it into a very successful business," said Marty Buehler, President of Vestor. "This transaction will help expand our local presence with a partner that represents an ideal strategic and cultural fit for our firm. We are thrilled that Scott will be joining our team and we look forward to benefitting from his deep investment expertise and insights."
"We are very pleased that Oak will be joining Vestor, bringing us to 13 mergers on behalf of our partner firms year to date," said Rudy Adolf, Founder, CEO and Chairman of Focus. "This is Vestor's first merger since joining Focus in 2012 and will provide the Vestor team with a significant opportunity to broaden their presence in the greater Chicago area.
"This transaction is another example of how our scale enables us to deliver succession planning solutions for founders seeking to transition their businesses. Cultural fit is essential to the success of these transitions. The breadth of our partnership, our strong presence in the major wealth markets across the U.S and the diversity of our partner firms provide many high quality choices in terms of achieving a successful succession plan."
About Focus Financial Partners Inc.
Focus Financial Partners Inc. is a leading partnership of independent, fiduciary wealth management firms. Focus provides access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with comprehensive wealth management services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices offered by Focus to achieve their business objectives. For more information about Focus, please visit www.focusfinancialpartners.com.
About Vestor Capital, LLC
Tracing its origins to 1984, Vestor Capital, LLC is one of the premiere registered investment advisory firms located in the greater Chicago area. With offices in Chicago and Lake Forest, the firm provides investment management services and holistic wealth management services through financial planning, retirement planning, insurance, estate/wealth transfer planning, business succession, and income tax planning. For more information, please visit www.vestorcapital.com
Cautionary Note Concerning Forward-Looking Statements
This release contains certain forward-looking statements that reflect Focus' current views with respect to certain current and future events. These forward-looking statements are and will be, subject to many risks, uncertainties and factors relating to Focus' operations and business environment, including, without limitation, uncertainty surrounding the current COVID-19 pandemic, which may cause future events to be materially different from these forward-looking statements or anything implied therein. Any forward-looking statements in this release are based upon information available to Focus on the date of this release. Focus does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could affect Focus may be found in Focus' filings with the Securities and Exchange Commission.
Investor and Media Contact
Tina Madon
Senior Vice President
Head of Investor Relations & Corporate Communications
Focus Financial Partners
P: +1-646-813-2909
tmadon@focuspartners.com
SOURCE: Focus Financial Partners, Inc.
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FAQ
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