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 reported outstanding first-quarter 2022 results, with total revenues of $536.6 million, marking a 36.1% year-over-year increase. Organic revenue growth reached 22.0%, significantly surpassing expectations. GAAP net income stood at $39.1 million, compared to $2.5 million in the previous year. The company also signed its first Swiss partner firm, enhancing international growth. Focus continues to project over 20% revenue and Adjusted EBITDA growth for 2022, signaling strong momentum and resilience in a challenging macroeconomic environment.
Focus Financial Partners (NASDAQ:FOCS) has announced a definitive agreement for Henry+Horne Wealth Management to join its partner firm InterOcean Capital Group. This strategic merger aims to enhance the wealth management services in the Southwest, benefiting both firms. Henry+Horne WM, founded in 2005, specializes in wealth management for high-net-worth clients and will leverage InterOcean's resources for growth. The transaction is expected to close in Q2 2022, pending customary conditions. This partnership reflects a commitment to a client-first philosophy and aims to deliver superior value to clients.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced a definitive agreement for Octogone Holding SA, a leading wealth management firm, to join its partnership. This acquisition is expected to close in the third quarter of 2022 and will significantly enhance Focus' international footprint, particularly in ultra-high net worth markets globally. Octogone, founded in 1995, is recognized for its tailored wealth management solutions. This partnership marks Focus' 86th partner firm and is seen as a strategic move to bolster its presence in Switzerland, a key wealth management hub.
Focus Financial Partners Inc. (NASDAQ:FOCS) will report its first quarter results for 2022 on May 5, 2022. The announcement was made on April 21, 2022, indicating that a slide presentation will accompany the results posting on the company's website. CEO Rudy Adolf and CFO Jim Shanahan will host a conference call at 8:30 a.m. ET that same day to discuss financial outcomes and business outlook. Investors can access the call via phone or a live audio webcast. Registration for the call will begin 15 minutes prior.
Focus Financial Partners (NASDAQ:FOCS) announced its agreement to merge with Holloway Wealth Management, enhancing ARS Wealth Advisors Group's footprint in Florida. The merger, set for Q2 2022, will allow ARS Wealth to broaden service offerings to high-net-worth clients. Founded in 2005, Holloway primarily serves Gainesville, leveraging ARS's resources to improve client services. Focus's Founder, Rudy Adolf, highlighted the strategic nature of the merger as ARS's first since joining Focus, showcasing its M&A expertise and growth potential.
Focus Financial Partners (NASDAQ:FOCS) has appointed Elizabeth R. Neuhoff and George S. LeMieux to its Board of Directors, effective immediately. Neuhoff, CEO of Neuhoff Communications, will join the Audit and Risk Committee, while LeMieux, a former U.S. Senator and current law firm chairman, will serve on the Compensation Committee and Nominating, Governance and Sustainability Committee. Focus aims to leverage their diverse expertise to enhance its leadership in wealth management.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced a definitive agreement for Lumia Wealth, LLC to join Buckingham Strategic Wealth, LLC. This merger aims to enhance Buckingham's presence in Kansas City and is expected to finalize in Q2 2022, pending customary conditions. Lumia, a Kansas-based firm founded in 2002, provides wealth advisory services primarily to professionals and business owners. The collaboration reinforces a shared client-first philosophy, with both firms planning to utilize combined resources for improved client service.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced that Azimuth Capital Management, an independent wealth management firm, will join its partnership, with the transaction expected to close in Q2 2022. Founded in 2004, Azimuth serves high net worth individuals and institutions, known for their hands-on investment management. Focus emphasizes that this partnership will enhance Azimuth's client service and business growth through access to resources and tools. Azimuth's strong track record positions it for continued expansion within Focus's diverse network.
Focus Financial Partners (NASDAQ:FOCS) has announced that Connectus Wealth Advisers will acquire Mid-Continent Capital, a Chicago-based registered investment adviser. The deal is set to close in Q2 2022, subject to conditions. Established in 1983, Mid-Continent Capital specializes in customized portfolio management for high net worth clients and institutions. This acquisition marks the 13th firm to join Connectus, enhancing its market presence in the ultra-high net worth sector. The transaction aims to leverage Connectus' resources while maintaining Mid-Continent's unique client servicing approach.
Focus Financial Partners reported strong financial performance in Q4 and the full year 2021, boasting total revenues of $523.9 million for Q4, a 38.0% year-over-year increase, and $1.8 billion for the full year, a 32.1% increase. Organic revenue growth rates stood at 26.6% and 24.0%, respectively. The firm closed 38 transactions during the year, including 14 partner firm acquisitions. CEO Rudy Adolf highlighted the company's leadership in wealth management and optimistic growth outlook, targeting $4 billion in revenue by 2025.
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