Focus Financial has taken a stake in a newly formed family office that also aims to provide "customized family wealth strategies" to other teams serving the ultrahigh-net-worth market.
Flynn Family Office, based in New York, was created to serve ultrahigh-net-worth families and individuals and their advisors. Partners Rick Flynn and Evan Jehle founded the firm after leaving their positions as principals at Rothstein Kass Family Office Group, also in New York.
The new firm will offer services both to clients directly and to other teams that work with ultrahigh-net-worth clients, according to the announcement.
Within the Focus network, partnerships offer a little more, said says Rajini Kodialam, co-founder and managing director at Focus Financial. I got to know Rick Flynn through another Focus partner and hes already extremely connected in the network. We look forward to seeing them work with our other partners.
Focus declined to disclose the specifics of its ownership stake in the new firm.
Flynn Family Office is an "outsourced solutions provider to a growing number of single-family offices seeking to separate non-investment functions," the announcement said. The depth and quality of our network of elite outsourced service providers allows us to bring together the optimal blend of talent and resources, Jehle said in the statement.
In addition to working for more than a dozen years at Rothstein Kass, Flynn has co-written three books on celebrity wealth management and the family office model, according to the launch announcement. Jehle, who was at Rothstein Kass for more than 13 years, has provided accounting, tax and business consulting services for high-net-worth clients including celebrities, athletes, executives and asset managers.
Focus has been on a recruiting tear lately, after inking a $550 million credit deal in January. In the last couple of weeks the network of independent wealth managers has also announced the tuck-in of a former Wells Fargo team with $400 million in assets and the arrival of an ex-Merrill Lynch exec charged with luring more breakaway wirehouse advisors.
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