Focus Financial co-founders Rajini Kodialam and Lenny Chang are stepping down from their positions and into roles as senior advisors at the firm after its sale to Clayton, Dubilier & Rice in a take-private deal was approved by shareholders last month, according to sources close to the firm.
“I have officially confirmed it with one of the leaders of one of the largest Focus firms who have been getting the messaging today that Rajini and Lenny are no longer going to be with the company,” one source said. “Well, they’re going to be acting as senior advisors and you know what that really means.”
Kodialam, Focus’ chief operating officer, Chang, the managing director and head of M&A, and CEO Rudy Adolf founded Focus in 2004 to be the “partnership of choice for entrepreneurial, growth-oriented, fiduciary wealth management firms.” according to the company website.
Focus is one of the most aggressive acquirers in the still highly fractured RIA space, picking up some 85 partner firms and funding many of those firms’ own acquisitions. It completed 38 deals in 2021 alone, and 24 last year, including sub-acquisitions. The firm now oversees some $350 billion in AUM.
Focus went public in 2008 but earlier this year agreed to be sold to private equity firm Clayton, Dubilier & Rice for $53 a share, valuing the company at more than $7 billion.
Private equity often steps into make changes to management following an acquisition and Focus would appear to be no different. Adolf is remaining with the firm for the present, the source said, but it remains unclear for how long.
“What we’ve heard from partner firms is that Rudy’s timeframe is unclear,” they said.
Both Adolf and Kodialam are receiving millions of dollars as a result of the transaction, which didn’t sit well with all stakeholders due to the price at which the firm was sold and the fact that only one existing investor was able to retain their shares.
John Langston, founder and managing director of Republic Capital Group, a boutique investment bank serving the financial services industry, said he isn’t surprised by the news.
“Critics will say it’s the new investor pushing them out but, if they’re not publicly sharing the drivers, I think only time will tell,” he said. “Sometimes founders are ready to move on. The business has grown to a place where individuals are certainly important but the vision, the ambition, the drive to the next level of achievement can potentially be carried by someone else.”
This means, you take one article, and you use the article distribution system. It will generate thousands of unique versions of your article, and publish those unique articles to hundreds of websites that are related to your niche.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, Awin network, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”
We use anonymous cookies and various 3rd-party services to optimise and to offer you a better, more personalised, browsing experience with advanced accessibility enhancements.
Dismiss
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
