Adolf leaving Focus, handing interim reins to ex-Marsh McLennan CEO

Focus Financial Partners CEO Rudy Adolf is retiring at the end of the year, closing his tenure with the firm after nearly 20 years and a transaction that took it private in August.

Dan Glaser, the former CEO of professional services firm Marsh McLennan, will take over on an interim basis as the firm searches for a replacement. Glaser is chairman of the Focus board and an operating partner of majority investor Clayton, Dubilier & Rice. The transition to the interim CEO will begin "immediately," according to a brief announcement by Focus on Oct. 23. Glaser has more than four decades of experience in the financial services industry, and he joined Clayton, Dubilier earlier this year after 10 years at the helm of Marsh McLennan.

"I am excited to have the opportunity to work closely with the leadership team at Focus and all of the outstanding partner firms in our network," Glaser said in a statement. "I would like to take this opportunity to thank Rudy Adolf for his vision in building Focus Financial into an impressive wealth management organization that always puts our clients' interests first. Rudy is an industry pioneer and leaves a strong legacy of innovation and entrepreneurship at Focus. We wish Rudy nothing but the best in his future endeavors, and plan to honor his tremendous contributions to the company over the next several months."

Funds affiliated with Clayton, Dubilier and minority investor Stone Point Capital, another private equity firm, valued New York-based Focus and its 90 partner RIAs at more than $7 billion. Adolf is following fellow co-founders, former Chief Operating Officer Rajini Kodialam and ex-Head of M&A Leonard Chang, out of the company they launched in 2004. Focus and its partner RIAs completed more than 270 acquisitions. The firm went private in the deal this year after its public listing in 2018 marked a milestone for RIAs. The three co-founders earned a combined $323 million from the go-private deal, Citywire RIA reported earlier this year.