SCS Monetary, a central “hub” in Focus Monetary Companions’ ongoing consolidation technique, has named Adrienne Penta as its new nationwide head of wealth administration.
SCS co-founder and CEO Tony Abbiati (additionally an govt vp with Focus) mentioned in a press release that Penta is a “proficient and passionate” wealth govt.
“As nationwide head of wealth administration, Adrienne will strengthen our management crew and play an vital function in driving our technique to satisfy the evolving wants of our shoppers,” Abbiati mentioned.
Earlier than becoming a member of SCS Monetary, Penta spent over 15 years on the funding agency Brown Brothers Harriman. Penta led the formation of the agency’s Heart for Girls & Wealth, a subdivision devoted to serving to girls shoppers type and keep wealth. Earlier than BBH, Penta was a trusts and estates lawyer with the Boston-based regulation agency Choate Corridor & Stewart. She began at SCS this week.
SCS relies in Boston and manages over $32 billion in property as of final September. It’s certainly one of 5 hub companies that Focus Monetary intends to make use of to consolidate its big range of present companies below a number of entities.
The opposite hubs embrace The Colony Group, Kovitz Funding Group and Gelfand, Rennert and Feldman. The latter agency can also be Focus’s “enterprise administration” hub, whereas SCS Monetary is the agency’s “household workplace & outsourced chief funding officer” hub.
Earlier this week, Focus named the Toronto-based Cardinal Level Capital Administration the fifth hub in its technique. WealthManagement.com reported in late 2023 that the agency’s hub technique would contain consolidating about 90 independently owned subsidiaries right into a handful of enormous companies.
This revamped technique was unveiled following Focus’s sale to personal fairness agency Clayton Dubilier & Rice and the departure of the agency’s three founders, together with former COO Rajini Kodialam, former M&A Head Lenny Chang, and CEO Rudy Adolf.
Focus is staffing its C-suite with the heads of those hub companies, together with Kovtiz Group founder Mitch Kovitz, who grew to become a vice chairman final 12 months, and Fcous CEO Michael Nathanson, who beforehand led The Colony Group.
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. Final 12 months, Focus mixed The Colony Group with companion agency Buckingham Strategic Wealth 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. In October, Kovitz acquired Fort Pitt Capital Group, a $5.9 billion Pittsburgh-based Focus companion agency. The deal boosted Kovitz’s property to just about $30 billion.