US wealth management firm Focus Financial Partners has acquired UK IFA Greystone Financial Services.
Focus is the largest partnership of independent wealth management firms in the US with over $26bn of client assets.
Greystone has offices in London and Manchester and manages over $1.6bn of client assets.
Focus says the acquisition is part of its bid to create the first global network of independent wealth management firms.
It adds Greystone will benefit from “access to value-added resources, scope and expertise”, but pledges it can keep its current business model.
Rudy Adolf, Focus Financial Partners’ founder and CEO, says: “Greystone is one of the most successful entrepreneurial wealth management firms we have encountered.
“It represents the future model of successful wealth management firms; combining strong financial expertise with a comprehensive financial planning model.”
Paul Heap, managing director of Greystone, adds: “We see this as a great opportunity to further strengthen the Greystone Financial Services and wealth management propositions, and there is a considerable attraction to being the access point to Europe.”
The transaction is expected to close on 1 April 2008.
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