Focus Financial Partners Inc. entered into definitive transaction agreement under which Steinberg Global Asset Management Ltd. will join Focus partner firm The Colony Group LLC.
As part of Colony, Richard Steinberg, co-founder of Steinberg Global, will become Colony’s chief market strategist and help direct the firm's strategic direction and investment platform. He will also become co-chair of its investment division and a member of its executive team and investment committee.
Focus Financial also entered into an agreement pursuant to which Matthew Massingale, founder of Massingale & Associates, will join Focus partner firm Summit Financial Wealth Advisors LLC, which will open its fourth office in Louisiana, where Massingale is located.
Both transactions are expected to close in the second quarter.