Two of the co-founders of Focus Financial Partners will step down from their roles at the registered investment advisory firm consolidator upon completion of the firm's go-private deal.
Chief Operating Officer Rajini Kodialam and Head of M&A Leonard Chang "intend to transition from their respective positions to senior advisor positions," effective on or about the closing date that New York-based Focus is
Focus confirmed Kodialam's and Chang's resignations at the end of the week, following news reports on their moves from
Adolf, Kodialam and Chang each spent time at American Express prior to the launch of Focus in 2004, and Adolf speaks often of the RIA firm starting with discussions among the three of them at his kitchen table. Adolf and Kodialam had prior tenures at McKinsey & Company; Chang worked for Boston Consulting Group and private equity firm Frontline Capital before Focus.
By the end of 2006, Focus owned six "partner" RIAs operating under their own brands and management — a model that has stayed in place.
"From the start, our vision at Focus Financial Partners has been clear: we want to be the partnership of choice for entrepreneurial, growth-oriented, fiduciary wealth management firms,"
After more than 270 mergers and strategic hires by Focus and "tuck-in" deals by the RIAs over the years, the firm generated $2.1 billion in annual revenue last year
Clayton, Dubilier's deal values Focus
"The larger the transaction, the larger the enterprise, the more common it is," Langston said. "The smaller the firm is, the more it's dependent either from a personality or skill set perspective."
