An RIA rollup is about to buy a Pennsylvania mutual fund shop.
| Ruediger Adolf|
Focus Financial Partners
Founder, Chief Executive Officer
In a filing
with the SEC, Pittsburgh-based Fort Pitt Capital Group, Inc.
] confirms that it is being acquired by Focus Financial Partners
on October 1. Focus will buy Fort Pitt through a newly-created subsidiary, Fort Pitt Capital Group, LLC, and pay both cash and stock (though the price was not revealed).
could not immediately reach a spokesperson for Fort Pitt for comment on the deal. A spokeswoman for Focus declined to comment.
Per Fort Pitt's latest form ADV
, it has $1.901 billion in AUM and a team of 31 non-clerical employees. The 20-year-old shop offers a single mutual fund, the 14-year-old, $50.8-million, two-star Fort Pitt Capital Total Return Fund
Focus CEO Rudy Adolf
founded the New York City-based RIA acquirer in 2006. Its 34 shops ("members", in Focus speak) now generate more than $325 million in annual revenues.
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