New Providence Asset Management to Join Focus Partner Firm The Colony Group, Further Enhancing Colony's Institutional Investment Team

Rhea-AI Summary

Focus Financial Partners (NASDAQ:FOCS) announced a definitive agreement for New Providence Asset Management to join The Colony Group, enhancing its institutional investment capabilities. This merger, expected to close in Q3 2021, marks Colony's eighth merger this year. New Providence, founded in 2003, specializes in OCIO services for ultra-high net worth clients and institutions. The transaction aims to strengthen Colony's offerings and is part of Focus' strategy to expand its presence in the ultra-high net worth sector, showcasing significant M&A momentum.

Positive

• Acquisition of New Providence is expected to strengthen Colony's institutional investment services.
• This transaction represents Colony's eighth merger in 2021, highlighting strong M&A momentum.
• New Providence's expertise in fiduciary practices will enhance Colony's value proposition.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / July 1, 2021 / 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 New Providence Asset Management L.P. ("New Providence"), a registered investment adviser based in New York, NY, will join Focus partner firm The Colony Group, LLC ("Colony"). The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions.

New Providence was founded in 2003 by John Vogelstein, who serves as the firm's Chairman, and is currently run by a team led by CEO Andrew Vogelstein and CIO Pier Friend. The firm is an Outsourced Chief Investment Officer ("OCIO") for institutions, foundations, endowments, family offices and ultra-high net worth individuals. New Providence's capabilities will further enhance Colony's institutional investment team. Colony will provide New Providence's institutional clients with additional services and support, and its ultra-high net worth clients with a full suite of family office and wealth management services. John Vogelstein will serve as Colony's Vice-Chair, Andrew Vogelstein will join Colony's executive team as President of Colony's Institutional Advisory Services, and Pier Friend will serve as Chief Investment Officer of Colony's Institutional Advisory Services.

"The talented New Providence team will immediately strengthen and broaden our capabilities in key service areas and in an important wealth market," said Michael Nathanson, Chair and CEO of Colony. "New Providence has developed strong fiduciary practices and differentiated investment services for select families, foundations and endowments. We believe that these competencies will be a substantial addition to the value proposition of our national enterprise."

"We are very pleased that the New Providence team will be joining Colony in our eighth merger so far this year, further demonstrating our strong M&A momentum on behalf of our partner firms," said Rudy Adolf, Founder, CEO and Chairman of Focus. "This is an important strategic merger for Colony, expanding its ability to meet the sophisticated needs of ultra-high net worth clients and select institutions.

"This is our second transaction in the OCIO space as we continue to increase our presence in this market, and it also expands our footprint in the ultra-high net worth sector. Supporting the growth of our partner firms through our leading M&A capabilities and access to permanent capital are core elements of our value proposition."

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 The Colony Group, LLC

The Colony Group, LLC is an independent, fee-only financial advisory firm with locations in California, Colorado, Connecticut, Florida, Maryland, Massachusetts, New Hampshire, New York, and Virginia. Colony provides high-net-worth and ultra-high net worth individuals and families, corporate executives and entrepreneurs, professionals, athletes, entertainers, institutions, businesses, and non-profit organizations with deep expertise that goes beyond investment management. Colony's services include tax, estate, retirement, and philanthropic planning, asset allocation, business management, and cash and risk management. For more information about Colony, please visit www.thecolonygroup.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 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

What is the recent acquisition by Focus Financial Partners (FOCS)?

Focus Financial Partners announced an agreement for New Providence Asset Management to join The Colony Group, enhancing its investment services.

When is the New Providence acquisition by Focus (FOCS) expected to close?

The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions.

Who founded New Providence Asset Management?

New Providence Asset Management was founded in 2003 by John Vogelstein.

What role will New Providence's leadership take at Colony after the merger?

John Vogelstein will serve as Colony's Vice-Chair, Andrew Vogelstein as President of Colony's Institutional Advisory Services, and Pier Friend as Chief Investment Officer.

How does the acquisition of New Providence benefit Colony's clients?

The acquisition will broaden Colony's capabilities in wealth management and provide additional services for ultra-high net worth clients and institutions.