Acquisitive US wealth management conglomerate, Focus Financial Partners, will today announce its purchase into three more wealth businesses ...

Acquisitive US wealth management conglomerate, Focus Financial Partners, will today announce its purchase into three more wealth businesses with $10 billion in client assets, taking the group’s total client assets to $15 billion in just over a year of existence.

Focus Financial has grown quickly with the backing of $9 Billion Private Equity Firm Summit Partners, which it struck a financing deal with in February last year worth $35 million of equity to invest for growth.

In the last 13 months, Focus has made nine investments and the group’s founder and chief executive, Rudy Adolf, said there would be more acquisitions to come in 2007 and beyond.

Focus’ model involves taking an equity stake in Registered Investment Advisory businesses with the intention of eventual ownership while allowing entrepreneurial business principals to maintain their independence and benefit from the synergies and scale of a larger group.

It claims to be the only fiduciary wealth management firm with a true national scale in the US with a presence in 41 states.

Today, the group announced the acquisitions of Missouri based Buckingham Family of Financial Services, Sentinel Benefits Group based in Massachusetts, and Quantum Capital Management in California.

Mr Adolf, formerly a partner at McKinsey and a senior executive at American Express, founded the group with advisory firms including Capital Advisory Group; Founders Financial Network based in California; New York City based Geller Group; and StrategicPoint in Providence, Rhode Island.

According to the group, Focus partner firms are typically compensated on a fee basis and remain autonomous operating entities.