RIA aggregator Focus Monetary is continuous to consolidate companion companies; this time, the Dallas, Texas-based Brownlie & Braden Advisors is becoming a member of Focus companion agency Prairie Capital Administration Group, positioned in Kansas Metropolis, Mo.
As of the transaction, Prairie Capital has $7 billion in managed property. Brownlie & Braden’s former president, James Braden, will turn into a managing director at Prairie and referred to as the deal an “thrilling subsequent step” within the agency’s evolution.
“The mixture will permit us to supply a fair broader array of refined options to our shoppers,” he stated. “What’s equally thrilling is the robust cultural alignment.”
Brownlie & Braden was based in 1997 and joined Focus as a companion agency in 2017. The RIA works with high- and ultra-high-net-worth people, offering customized recommendation, tax and property planning and different providers.
Prairie Capital was based in 1995, and it managed $5 billion when Focus acquired it in 2021. Along with its headquarters in Kansas Metropolis (and the newly acquired Brownlie & Braden Dallas-Fort Value workplaces), Prairie Capital has principals in Chicago and Denver. The agency works with UHNW people, household workplaces, foundations and endowments, and its providers embody wealth administration, monetary planning, tax and property planning and different household workplace wants.
In keeping with Prairie Capital Managing Director Andy Klocke, Dallas-Fort Value is a “key strategic market” for the agency, and the mixture of the 2 Focus companion companies will “considerably improve” Prairie Capital’s presence there.
“Brownlie & Braden’s experience, dedication, and shared values make this mix a pure match,” he stated.
Final 12 months, WealthManagement.com reported that Focus Monetary anticipated to consolidate round 90 independently operated subsidiaries into a number of of its already-existing bigger companies.
As a part of this technique, Focus marked a number of companies as “hubs” for taking in current companies, together with The Colony Group, Kovitz Funding Group Companions and SCS Capital Administration LLC. Earlier this month, Focus named the Los Angeles-based Gefland, Rennert & Feldman as its fourth hub.
Earlier this 12 months, Focus appointed Mitch Kovitz, the principal, founder, and co-chief funding officer on the $7.68 billion companion agency Kovitz, as vice chairman; moreover, Michael Nathanson, CEO of the $21 billion Colony Group, turned Focus’ president (and later CEO).
Focus has continued consolidating its companion companies, together with merging The Colony Group with GW & Wade, a Massachusetts-based RIA with $10.4 billion in managed property. Focus mixed The Colony Group with companion agency Buckingham Strategic Wealth in Might to create a $50.2 billion RIA.
In June, Focus shifted Connectus Wealth Advisers’ U.S.-based enterprise traces into The Colony Group and Kovitz Funding Group Companions; one month later, Kovitz purchased the $2.6 billion companion agency Relative Worth Companions Group, bringing Kovitz to greater than $24 billion in property.
This week, Focus introduced that two Connecticut-based companion companies, Coastal Bridge Advisors and TrinityPoint Wealth, would mix underneath the Coastal Bridge identify.
Final 12 months, Focus was taken non-public in a sale to non-public fairness agency Clayton, Dubilier & Rice. Within the aftermath, all three Focus founders, together with former COO Raijini Kodialam, former M&A head Lenny Chang and former CEO Rudy Adolf, exited.