The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Canada-based multi-family office Prime Quadrant has bought out RIA financier Focus Financial’s stake in the company, a media report said. 

A memo, cited by Citywire, quoted PQ chief executive Mo Lidsky as saying: “As Focus’ strategy shifted in recent years and our interests diverged, it became clear that we needed to reassert control of our destiny to continue to fully align with our client families’ and team members’ success. Our team is re-energized by this move, and we are now 100 per cent-owned.”

Family Wealth Report has contacted Focus Financial and Prime Quadrant about the story and may update in due course.

Last November, our US correspondent Charles Paikert reported on views from Dan Glaser, operating partner at Clayton, Dubilier & Rice, on how he guided the PE firm’s purchase of a majority stake in the RIA behemoth Focus Financial last summer, taking it off the public markets. Glaser, the former CEO of Marsh McLennan, overhauled Focus, transforming the “affiliate” model of 90 disparate firms assembled by former Focus co-founder and CEO Rudy Adolf into a more centralized structure.