Focus Financial Partners Inc. (NASDAQ:FOCS), a partnership of independent, fiduciary wealth management firms, announced that Ancora Holdings Inc. (together with its subsidiaries, "Ancora"), a wealth and investment management firm based in Cleveland, has entered into a definitive agreement to join the Focus partnership. The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions. Ancora will significantly expand Focus' presence in the Midwest high net worth market.
Founded in 2003, Ancora employs a distinctive, multi-faceted model, offering bespoke wealth planning, asset management and retirement plan solutions to high-net-worth individuals and families, as well as institutions and foundations. A differentiated feature of the firm's holistic approach is its deep investment management expertise. Ancora offers its clients an array of proprietary solutions in equity, fixed income, mutual funds and alternative investments. Ancora is employee-owned and managed by a 7-person executive team led by CEO and Chairman Fred DiSanto.
"Ancora was founded as an independent, employee-run firm that can create and implement innovative solutions to meet the complex needs of our clients," said Fred DiSanto. "Continuously evolving our business model has been an important part of our approach and a critical component to our success. Partnering with Focus allows us to maintain our independence while at the same time enhancing our client value proposition. We are impressed by Focus' unique approach to partnering with entrepreneurs, and we believe that by leveraging Focus' many resources, we will be able to further accelerate the growth of our business."
Colchester Partners LLC, an investment banking and M&A advisory firm, served as financial advisor to Ancora.