The addition of NorthCoast will boost the Connectus’ investment management capabilities while expanding its US footprint significantly. Credit: Pete Linforth from Pixabay.

Connectus Wealth Advisers, a Focus Financial Partners partner firm, has agreed to buy Connecticut-based registered investment adviser NorthCoast Asset Management to expand its US footprint.

The deal, whose financial terms are not disclosed, is expected to close in the fourth quarter of the year.

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Founded in 1988, NorthCoast offers proprietary investment management services leveraging quantitative research and a systematic investment process with a focus on risk management.

The firm caters to both private and institutional clients.

Focus co-founder and COO Rajini Kodialam said that the addition of NorthCoast will boost the Connectus’ investment management capabilities while expanding its US footprint significantly.

NorthCoast president and CEO Dan Kraninger added: “Becoming part of a global consortium is an exciting new phase for our firm. We are looking forward to leveraging the benefits of Connectus to better serve our clients, support our growth, and bolster our operations.”

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Kodialam further said: “This transaction is further affirmation of Connectus’ appeal to a broad range of wealth management firms, both domestically and abroad.

The Connectus model is an outstanding example of how we are leveraging our scale and expertise to help wealth management advisers better serve their clients, optimize their efficiency and accelerate their growth.”

NorthCoast is said to be the 10th firm to join Connectus’ global consortium in less than a year.

In January this year, Connectus expanded its footprint to the UK with the acquisition of Watterson Financial Planning.