Focus Financial Partners has its eye on Canada with the announcement that a Toronto firm will become its fifth wealth management "hub."
Focus Financial announced Monday that Toronto-based Cardinal Point Capital Management would become its newest organizational "hub." Focus started in late 2023 to roll up the roughly 90 registered investment advisors it owns into larger practices. Its four current hubs are The Colony Group, Kovitz Investment Group, SCS Financial, and Gelfand, Rennert and Feldman.
Cardinal Point, which has roughly $2.16 billion under management, was acquired by Focus Financial in 2021. The firm specializes in managing wealth across the U.S.-Canadian border. It provides investment management and estate, tax, and financial planning to businesses and high net worth clients.
"Cardinal Point has a differentiated value proposition in the Canadian market as one of the only full-service, cross-border wealth management firms," Focus Financial CEO Michael Nathanson said in a statement.
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He added that Cardinal Point will lead "Focus' consolidation and expansion efforts in Canada."
Focus Financial embarked on its internal reorganization after being taken private by the private equity firm Clayton, Dubilier & Rice in a deal that valued it at $7 billion. Along with buying up RIAs left and right in recent years, Focus has been busy consolidating smaller practices it owns into larger firms.
Last month, for instance, it announced plans to tuck Brownlie & Braden Advisors of Dallas into Kansas City, Missouri-based Prairie Capital Management Group. Brownlie & Braden joined Focus in 2017, and Prairie Capital, which has roughly $7 billion under management, joined in 2021.
Focus Financial and its affiliated firms now oversee more than $400 billion in assets.
