Welcome to our dedicated page for Focus Financial Partners news (Ticker: FOCS), a resource for investors and traders seeking the latest updates and insights on Focus Financial Partners stock.
Focus Financial Partners Inc. (NASDAQ: FOCS) is a distinguished partnership of independent, fiduciary wealth management firms. The company offers a comprehensive range of wealth management, benefit, and investment consulting services. Focus provides unparalleled access to best practices, advanced resources, and continuity planning for its partner firms, who cater to individuals, families, employers, and institutions.
Focus's unique business model allows partner firms to maintain their operational independence while benefiting from the synergies, scale, and economic advantages of being part of a market leader. This structure aids partner firms in achieving their business objectives and delivering high-quality services to their clients. Recent achievements include robust revenue growth and the strategic acquisition of new partner firms, which contributed significantly to the company's financial performance.
As of June 30, 2023, Focus reported total revenues of $583.8 million for the second quarter, marking an 8.3% increase from the previous year. However, Focus also reported a GAAP net income decrease to $29.1 million from $49.3 million in the same period the previous year, primarily due to higher interest expenses on borrowings. The company holds $137.0 million in cash and cash equivalents, with $2.7 billion in debt outstanding under its credit facilities.
Focus is currently in the process of being acquired by affiliates of Clayton, Dubilier & Rice, LLC, a transaction expected to be finalized by the third quarter of 2023. This acquisition, alongside continuous mergers like those with InterOcean Capital Group, LLC, Omega Financial Solutions Pty Ltd, Ketoret Capital, LLC, and the latest agreement involving GW & Wade, LLC joining The Colony Group, LLC, reflects Focus's strategic efforts to expand its market presence and enhance service offerings.
Focus Financial Partners continues to leverage its extensive M&A expertise and industry connections to support its partners, ensuring they are well-positioned to serve their clients effectively. For more information about Focus Financial Partners, please visit www.focusfinancialpartners.com.
Focus Financial Partners Inc. (FOCS) announced that Hill Investment Group, LLC, a St. Louis-based investment adviser, will join its partnership. The transaction is expected to close in Q1 2021, pending customary conditions. Founded in 2005, Hill specializes in fee-only wealth management for high net worth families, emphasizing a long-term investment strategy. Focus aims to enhance Hill's client services through its resources, supporting Hill's growth trajectory. The partnership aligns with Focus's vision of providing operational independence while benefiting from shared synergies and best practices.
Focus Financial Partners Inc. (FOCS) announced its acquisition of Watterson Financial Planning by Connectus Wealth Advisers. This strategic move marks Connectus's first foray into the U.K. wealth management market, anticipated to finalize in Q1 2021, pending customary conditions. Watterson offers comprehensive financial services to high-net-worth individuals and corporate clients throughout the U.K. The acquisition aims to enhance Watterson's client service while leveraging Connectus's global network and operational efficiencies.
Focus Financial Partners Inc. (NASDAQ:FOCS) has announced the appointment of Krissy Mashinsky to its Board of Directors, effective January 1, 2021. Mashinsky, founder and CEO of usastrong.IO Marketplace, brings extensive experience in marketing and supply-chain management from her previous role as President of URBN Wholesale. She will serve on the Audit and Risk Committee and chair the Nominating, Governance, and Sustainability Committee. Concurrently, Debby McWhinney and Noah Gottdiener will retire from the board, marking a transition in leadership as the firm continues its growth in wealth management.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced that Rajini Kodialam, its Co-Founder and COO, was named to Crain's New York Business 2020 list of Notable Women in Financial Advice. This recognition highlights her leadership in a field where women represent only 20% of advisors in the U.S. Kodialam's contributions, including driving international expansion and innovation at Focus, were praised by CEO Rudy Adolf. The firm continues to provide independent wealth management services while leveraging its resources for partner firms.
Focus Financial Partners Inc. (NASDAQ:FOCS) will present at the Goldman Sachs 2020 US Financial Services Conference on December 8, 2020, at 10:40 a.m. ET. CEO Rudy Adolf and CFO Jim Shanahan will discuss the company's business strategy, financial performance, and outlook. A live webcast will be available on Focus's website, along with a replay for those unable to attend. Focus Financial Partners is a partnership of independent wealth management firms, providing access to resources and best practices while maintaining operational independence.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced the acquisition of Brady & Associates, Link Financial Services, and Westwood Group by Connectus Wealth Advisers. This strategic move aims to establish a national presence in Australia, enhancing Connectus' capabilities. The acquired firms will maintain their client-centric approaches while benefiting from Connectus' resources, technology, and services. The acquisition exemplifies the collaborative ethos of Focus, ensuring long-term continuity and enhanced services for clients.
Focus Financial Partners Inc. (NASDAQ:FOCS) has announced a definitive acquisition agreement for Horan Capital Management, which will join Connectus Wealth Advisers. This strategic move aims to enhance operational efficiency and investment management capabilities for Horan's team. The transaction, set to close soon, marks the 15th merger for Connectus this year, significantly expanding its presence in the mid-Atlantic wealth management market. Horan’s investment expertise will further benefit Connectus advisors and clients.
Focus Financial Partners Inc. (NASDAQ:FOCS) has announced that Kavar Capital Partners, LLC will join its partnership, enhancing its footprint in the Kansas City wealth management market. The deal, set to close in Q4 2020, marks Focus' seventh partner firm addition this year. Kavar, founded in 2011, is known for its comprehensive wealth management services for high net worth individuals and institutional clients. The partnership will strengthen Focus' geographic diversity and growth potential, leveraging Kavar's established reputation and fiduciary practices.
Focus Financial Partners Inc. (NASDAQ: FOCS) has announced a definitive agreement for renowned wealth advisor Debra Brede to join its partner firm, GW & Wade, LLC. This transaction, expected to finalize in Q4 2020, aims to enhance GW & Wade's market presence in Massachusetts. Brede, who has a distinguished career in wealth management, brings her nine-person team, adding to GW & Wade's expertise. This strategic move reflects Focus's commitment to expanding its footprint in the Northeast wealth management market and enhancing service offerings for high net worth clients.
Focus Financial Partners reported strong third-quarter results for 2020, with total revenues hitting $331.5 million, reflecting a 4.7% increase year-over-year. The organic revenue growth was 2.4%, surpassing expectations. GAAP net income rose significantly to $3.9 million, with earnings per share of $0.03. Adjusted net income, excluding tax adjustments, reached $47.9 million, translating to $0.63 per share, a 23.5% increase year-over-year. The company maintained a net leverage ratio of 3.67x and experienced a 35.9% boost in cash provided by operating activities.
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