Connectus Wealth Advisers, an arm of Focus Financial Partners that has a shared services model, has acquired Greenwich, Conn.–based NorthCoast Asset Management, a registered investment advisor with about $3 billion in client assets. Details of the transaction, expected to close in the fourth quarter, were not disclosed.
NorthCoast is the 10th firm to join the Connectus consortium in less than one year. The RIA specializes in providing proprietary investment management services, including its CAN SLIM investment program, a tactical, long-term growth strategy focused on capital appreciation with a secondary objective of downside protection. Other Connectus firms will be able to access those investment strategies; NorthCoast also expands Connectus’ domestic footprint.
Focus launched Connectus, its own in-house registered investment advisor, in December 2020, with the goal of building a group of RIA founders and teams that want to focus on client relationships, while taking advantage of shared services and operations. Connectus’ first acquisitions included Hunt Valley, Md.–based RIA Horan Capital Management and three Australian firms: Brady & Associates, Link Financial Services and Westwood Group.
In February, Connectus introduced a business development program for its partner firms. The Excelerate program, which can be customized for firms in the U.K. and Australia, is also available to all Focus partner firms.
"Connectus is the ideal strategic partner with a strong cultural fit who would preserve the independence of our investment process and provide strategic support,” NorthCoast CIO Patrick Jamin said in a statement. “We will continue to evolve our differentiated investment strategies and introduce our capabilities to a wider audience of firms and their clients. Connectus will also greatly expand the technology, tools and resources available to us to enhance our client outcomes.”