Kovitz Investment Group, an Illinois-based investment manager that is part of Focus Financial Partners, has agreed to acquire Wisconsin-based peer Northern Capital Management (NCM) for an undisclosed sum.
Founded in 1979, NCM tends to individual and institutional investors. The business is headed by Paul Perry, Daniel Murphy and Stephen Hawk.
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The deal is said to be mutually beneficial, with NCM clients getting access to improved capabilities in financial planning, fixed income as well as alternatives and Kovitz gaining an enhanced reach.
Kovitz founder and CEO Mitch Kovitz said: “Our team has established a great rapport with our clients, gaining their trust and confidence over the years we’ve worked with them.
“Together with the team at NCM, we’ll build upon these strong relationships and be able to expand our capabilities to deliver even more comprehensive solutions to our clients.”
The deal is expected to be completed in the first quarter of next year. NCM employees will be retained after the acquisition.
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By GlobalDataThe latest acquisition marks the second one for Kovitz this year. Earlier this year, the firm announced the takeover of AFAM Capital.
Focus Financial Partners founder, CEO and chairman Rudy Adolf said: “Kovitz’s evolution as a firm is a reflection of the team’s culture and values – open, entrepreneurial and always eager to grow. With our M&A expertise and value-added programme, we expect continued excellence from the Kovitz team.”
