New York-based asset management firm Focus Financial Partners announced Thursday that it has acquired investment advisor The Portfolio Strategy Group.
Focus said in the statement that the partnership with Westchester-based PSG will expand its "presence in the very attractive and under-penetrated New York market" and will add $1 billion in client assets to the firm. No other terms were disclosed.
Focus provides wealth-management and investment services to independent advisors and had nearly $60 billion in client assets including 125 partnerships as of December 31.
Founded in 1990, PSG offers clients various investment strategies including hedge funds, fund of hedge funds and fixed-income securities.