Focus Financial Partners Inc. (NASDAQ: FOCS) ("Focus"), a leading partnership of independent, fiduciary wealth management firms, announced today that it has entered into a definitive agreement under which Howard Capital Management, Inc. ("Howard Capital"), a registered investment adviser ("RIA") headquartered in Los Angeles, will join forces with Focus partner firm NKSFB, LLC ("NKSFB"), a multifamily office and business management firm also based in Los Angeles. This transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions.
NKSFB has well-established relationships with many of the world's top entertainers, musicians, producers, athletes and other high net worth individuals. This transaction will enable NKSFB to offer its clients access to comprehensive investment management and financial planning capabilities through Howard Capital, innovatively addressing NKSFB's clients' need for coordinated wealth management and business management services. This will significantly enhance the value of NKSFB's service offering, further reinforcing its leading presence nationally.
"We are excited about joining forces with Howard Capital," said Mickey Segal, Managing Partner of NKSFB. "This transaction will give our clients access to outstanding investment strategies and processes designed to help them manage their entire financial lives, including benefiting from sophisticated investment strategies. The principals at Howard Capital will help us deliver investment solutions tailored to the individual needs of our clients and their families. We look forward to a long and successful relationship."
"Since inception, Howard Capital Management is proud to have provided clients with exceptional service and personalized financial advice," said David Robinson, President of Howard Capital, and Jason Kaplan, Managing Partner of Howard Capital, in a joint statement. "Through the years we have established a great relationship with Mickey and the NKSFB team. We feel confident that they are the right partners for us, as they equally share a deep commitment to provide exceptional solutions for their clients. Our clients are our top priority, and we are excited to continue providing customized advice in helping them to achieve their financial goals."
"We are very pleased that NKSFB and Howard Capital will be joining forces," said Rudy Adolf, Founder, CEO and Chairman of Focus. "This transaction is an excellent example of how the power and scale of our network enable us to add value to our partner firms in highly innovative ways. The artist and entertainer segment is one in which coordinated service offerings are not readily available but can add critical value to clients. This transaction will enhance the client services offered by both NKSFB and Howard and position each firm for accelerated growth. Thinking innovatively, being at the forefront of market trends, and identifying opportunities for our partner firms to grow and better serve their clients are compelling elements of Focus' value proposition."
This article originally appeared on StreetInsider.
