Focus Financial Partners has named Michael Nathanson, president of Focus and CEO of The Colony Group, as its next CEO, effective immediately.
He takes over for interim CEO Dan Glaser, chairman of Focus’ board of directors and operating partner at Focus’ majority investment partner, Clayton, Dubilier & Rice. Glaser has been named executive chairman.
Nathanson will continue to lead The Colony Group. In his new role, he'll design and execute on the firm's ongoing strategies, including greater collaboration among Focus partner firms, according to a company statement.
“Michael is an exceptional leader in our industry, having grown The Colony Group into one of the largest and best-known firms in the independent space," Glaser said in a statement. "His promotion to CEO adds immense value to Focus’ leadership team. Michael has been instrumental in executing our evolved strategy, delivering strong momentum on Focus’ hub expansion, setting our go-forward strategic vision, and identifying opportunities for collaboration across our business.”
The move comes amid a leadership shakeup following Focus' sale to CD&R last year, leaving all three Focus founders to exit. Former COO Rajini Kodialam and former head of M&A Lenny Chang stepped down in early August—almost a month before the deal was finalized—and CEO Rudy Adolf left in October. Kodialam has since resurfaced as a board member at TIFIN AG, which was recently spun off from TIFIN.
It was revealed recently that Kodialam and Adolf are also co-CEOs of E-3 Tech, an early-stage tech start-up.
Since CD&R took over Focus, it has been moving to consolidate its 90 independently-operated subsidiary practices into a handful of its largest firms, with Colony and Kovitz as likely candidates. Focus has bought out the management teams of Colony and Kovitz and converted them to “hub” firms that will acquire other Focus partner RIAs.
