US independent wealth management firm, Focus Financial Partners has bought Vestor Capital Partners for an undisclosed sum, marking its foray into Chicago market.
On completion of the fifth transaction in 2012, Focus’ total number of partner firms and affiliates will reach to 24, said the acquirer.
Focus Financial Partners founder and CEO Rudy Adolf said that the company will continue to maintain high fiduciary standards and strong client relationships by creating partnerships with registered investment advisors such as Vestor.
Having more than $500m in assets, Vestor is a fee-based registered investment advisory firm that delivers a number of wealth management services, including investment management, financial planning, retirement planning and insurance, among others.
Established in 2006 through the partnership of independent, fiduciary wealth management firms, Focus has more than $52bn in assets and over 750 employees, including over 100 partners.