RIA Aggregator Focus Financial Beats Earnings Expectations [Forbes]
Focus Financial Partners Inc. (FOCS)
Last focus financial partners inc. earnings: 2/20 07:00 am
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Source: Forbes
New York-based Focus Financial Partners was the first among dozens of aggregators of Registered Investment s (RIAs) to go public and nearly three years after its July 2018 IPO, the firm has delivered solid first quarter results, besting analyst expectations by 3%. Given the resilience of U.S. markets, and general appreciation in asset values, it’s no surprise that the asset-based fees from its wealth management operations have held up well.With revenues of $394.2 million in the first quarter of 2021, Focus’s results are up 16.9% uptick year over year. The firm's EBITDA of $101 million beat expectations by 8.2%. In 2020 Focus’ stock climbed 110%, but year-to-date Focus has underperformed the S&P 500.The New York-based aggregator, with more than $250 billion in client assets and 75 RIAs, had $374.8 million in revenue from wealth management fees, increasing the percentage of firm revenue from that bedrock source to 95.1%.“This business didn't just survive the crisis, it really prospered
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