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Financial Advisory  + RIAs & Financial Advisors  |  October 8, 2024
Focus Affiliates Kovitz, Fort Pitt Capital Merge
Joe Palmisano
By: Joe Palmisano

Focus Affiliates Kovitz, Fort Pitt Capital Merge

Focus Financial Partners Inc. announced that $5.9 billion Pittsburgh-based RIA and Focus partner firm Fort Pitt Capital Group, LLC will be acquired by Chicago-based and fellow Focus firm Kovitz Investment Group Partners, LLC for an undisclosed amount. Fort Pitt joined Focus as a partner firm in 2015. The transaction is expected to close in the fourth quarter of 2024.

Fort Pitt will gain access to Kovitz’s suite of tools and investment capabilities. Kovitz will be joined by Fort Pitt’s leadership team and advisors.

“Since 1995, our team has grown tremendously in both the employees we support and the clients we are fortunate to serve,’ said Theodore Bovard, founding partner and CEO of Fort Pitt. ‘Becoming a part of Kovitz will be the latest milestone in our ongoing mission to expand and enhance our capabilities, which will enable us to better meet the complex and evolving needs of our clients.”

In January, Focus acquired Kovitz’s management to establish it as a hub firm. In July, the firm transformed its partner RIAs, The Colony Group and SCS Financial, into hub firms.

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Focus Financial Partners Inc.Kovitz Investment Group Partners, LLC. Fort Pitt Capital Group, LLC

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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