Focus Financial Partners, which brings together independent RIA firms, said Monday that Telemus Capital Partners had joined the partnership with more than $2.2 billion in client assets.
The addition of Telemus, a group of ex-wirehouse advisors, is the fifth transaction for Focus in 2013.
"With the addition of Telemus, we have brought in a very attractive, top independent advisory firm to our growing partnership and have expanded our Midwest presence, said Rudy Adolf (left), founder and CEO of Focus, in a press release. "Telemus will contribute to our vast network of experienced investment management teams, and will help attract other quality brokers and independent advisors to Focus."
Telemus has offices in Southfield, Mich., and Ann Arbor, Mich. Former Merrill Lynch (BAC) and UBS (UBS) executives Gary Ran, Bob Stone and Lyle Wolberg formed the firm in 2005; it offers services such as investment management, financial planning, retirement and estate planning to nearly 600 clients nationwide.
"Our new partnership provides the Telemus Capital team access to the financial, marketing and operational support of Focus, thereby allowing more resources and time to be directed to growing and preserving client wealth and attracting new talent," said Gary Ran, partner and chairman of Telemus, in a statement.
In addition to Ran, Stone and Wolberg, other Telemus partners include Mary Bakhaus and Joshua S. Levine. The firm has 10 advisors.
Focus Financial, which was founded in 2006, says it now has over $250 million in yearly revenue, 27 partners and roughly $62 billion in client assets. The partnership said in mid-July that it had wrapped up 10 transactions and boosted client assets by $14 billion over the past 12 months.
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