Focus Financial Partners has added Steinberg Global Asset Management (SGAM), a Florida-based investment advisory business, to its network.
SGAM will become part of Focus partner firm The Colony Group.
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SGAM tends to HNW individuals and families such as retirement accounts, trusts as well as estates.
As part of the deal, SGAM co-founder Richard Steinberg will assume the role of chief market strategist at Colony.
Steinberg will also co-chair Colony’s investment arm and have seats on its executive team and investment committee.
Additionally, Louisiana-based Massingale & Associates founder Matthew Massingale will now become part of Focus partner Summit Financial Wealth Advisors.
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By GlobalDataThe move will support the launch of Summit’s fourth Louisiana office.
Focus founder, CEO and chairman Rudy Adolf said: “Steinberg Global Asset Management brings Colony deep investment expertise, further bolstering the firm’s investment management capabilities, and provides a scalable entry into the Southeast Florida market.
“This is the second transaction for Summit since joining Focus and further solidifies their position as one of the largest RIAs in Louisiana. These transactions are further evidence of our highly differentiated business model.”
The two deals are slated to be concluded in the second quarter of this year.
Last month, Focus added Bullard, McLeod and Associates, a New York-based investment manager, to its network.
