Focus Financial Group announced Monday that it will acquire CornerStone Partners, an outsourced CIO manager specializing in serving U.S. non-profit organizations, confirmed Tina Madon, a spokeswoman for Focus Financial.
Financial terms of the deal are not being disclosed, Ms. Madon said. The deal is expected to close by the end of the year.
CornerStone Partners will continue to operate independently under its own name. Ms. Madon said. CornerStone managed a total of $8.9 billion as of Dec. 31, about $5.6 billion of which was managed with discretion, according to the firm's most recent ADV filing with the SEC.
CornerStone is the 56th "partner" acquired by Focus Financial Partners, according to the firm's website.
Ms. Madon said money managers in the Focus Financial Group run more than $200 billion. The majority of the firm's partners are wealth managers.
"We are thrilled CornerStone will be joining us as our fifth new partner firm year-to-date. The CornerStone team has truly set the bar for the OCIO industry, and we look forward to welcoming their unique expertise to our partnership," said Ruediger "Rudy" Adolf, Focus Financial's founder, chairman and CEO, in a news release.