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Focus Subsidiary Kovitz To Buy $5.9 Billion Fort Pitt Capital

The Deal Is The Latest Of Many Since PE Firms Took Focus Private Last Year

Michael Nathanson, CEO, Focus Financial Partners
Michael Nathanson, CEO, Focus Financial Partners
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Focus Financial Partners agreed for Pittsburgh-based Focus partner firm Fort Pitt Capital Group, with $5.9 billion in assets under management as of June 30, to join Focus subsidiary firm Kovitz Investment Group Partners, according to a press release. Fort Pitt has been a partner firm of Focus since 2015. Kovitz will acquire Fort Pitt as part of the transaction, expected to close in the fourth quarter.

Fort Pitt has offices in Pittsburgh and Harrisburg, Pennsylvania, as well as Naples, Florida.

Chicago-based Kovitz has offices in Massachusetts, Arizona, California, Colorado, Connecticut, Illinois, Michigan, South Dakota and Wisconsin.

Theodore Bovard, Founding Partner and CEO, Fort Pitt Capital Group
Theodore Bovard, Founding Partner and CEO, Fort Pitt Capital Group

Fort Pitt will gain access to Kovitz’s tools and investment capabilities. Fort Pitt’s leadership team and advisors will join in the move.

“Fort Pitt and Kovitz are two firms that have long, proven track records of client service excellence,” said Michael Nathanson, CEO of Focus. “We are excited about what their teams will accomplish together as they expand Kovitz’s presence nationally and into the Pennsylvania wealth market.”

“Since 1995, our team has grown tremendously in both the employees we support and the clients we are fortunate to serve,” said Theodore Bovard, Founding Partner and CEO of Fort Pitt.

“Becoming a part of Kovitz will be the latest milestone in our ongoing mission to expand and enhance our capabilities, which will enable us to better meet the complex and evolving needs of our clients,” Bovard added.

Mitchell Kovitz, CEO, Kovitz Investment Group Partners, and Vice Chairman, Focus Financial Partners
Mitchell Kovitz, CEO, Kovitz Investment Group Partners, and Vice Chairman, Focus Financial Partners

“At its core, Fort Pitt is a firm committed to putting its clients first; and this key tenet of their business has helped them attract top talent that excels in delivering meaningful investment and financial planning services,” said Mitchell Kovitz, CEO of Kovitz and Vice Chairman of Focus.

“We are thrilled to have this talented team join our firm and look forward to gaining access to even more capabilities and expertise for our own clients,” Kovitz added.

In August 2023, private equity firms Clayton, Dubilier and Rice and Stone Point Capital acquired Focus in a take-private transaction. Since that time, Focus has completed multiple deals. In July, Relative Value Partners Group joined Kovitz, and Focus agreed for Gratus Capital to merge into Focus subsidiary The Colony Group. In August, Focus agreed for HoyleCohen to join The Colony Group. In September, Custom Portfolio Group joined Focus partner firm Transform Wealth.

Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

Jeff Berman

Jeff Berman

Jeff Berman brings over 30 years of experience to the Wealth Solutions Report team as a reporter and editor covering a wide range of beats, including the financial services business.

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