RIA financier Focus Financial Partners is in talks to buy out the management of $30bn affiliate SCS Financial, according to sources with knowledge of the situation.
A deal between the two companies is slated to close ‘imminently,’ one source told Citywire.
SCS will become a ‘hub’ firm for Focus when the transaction closes, according to sources with knowledge of the situation. Focus is using ‘hub’ firms to acquire other Focus-affiliated RIAs as part of the company’s new strategic plan to consolidate its network of wealth managers.