Focus Financial Partners announced today that it is partnering with one of the richest families in the world to launch an international multi-family office and asset management company.
Founded by four private wealth advisors for a range of wealthy families, Beryllus Capital will be based in London with offices in Geneva and Singapore. The company will help wealthy families around the world manage their money, assets and legacies, supported by Focus Financial Partner’s network of services and infrastructures.
Beryllus is a joint venture between Focus Financial and the Hinduja family who own and operate a $ 50 billion international conglomerate with dozen of financial services, commercial, oil and automotive companies. The family, run by founder Parmanand Deepchand Hinduja’s four sons, has a net worth of $ 14.6 billion, according to the latest Forbes Magazine rating.
“We are very optimistic about Beryllus Capital working with Focus Financial Partners,” said Gopichand “GP” Hinduja, co-chair of the Hinduja group, in a statement. “This is an important strategic alliance. Beryllus Capital will meet the tailored needs of wealthy families on a global scale with excellent professional and governance standards.”
The co-founder of Beryllus Capital, Amit Khota, was most recently a private wealth advisor and managing director at RBC Wealth Management in the UK. He brings an existing relationship with the Hinduja family to found the company and sought Focus Financial as a partner. “He’s the glue that puts this together,” said Rajini Kodialam, co-founder and chief operating officer of Focus Financial Partners, in an interview with Wealthmanagement.com.
She said Khota shared Focus’ s belief that wealth management services for the wealthy, often embedded in banks and larger financial services companies, would be better off moving from a “conflicted environment to an open architecture environment” without a partner a “proprietary” pushes product or technology game. “
“Our strength lies in our founding partners’ long-standing connections with some of the most influential families in the world,” said Khota in a statement alongside Focus Financial Partners, a leader in independent wealth management, I am confident that Beryllus Capital will set a new standard for multi worldwide -Family offices will be established. “
Beryllus is expanding Focus Financial’s “strategic shift” into high net worth and international markets, Kodialam said.
In 2019, Focus acquired the multi-family office Prime Quadrant in Toronto and Escala Partners in Australia.
Focus Financial’s affiliate, Connectus, recently acquired three Australian wealth management companies – Brady & Associates, Link and Westwood – that provide services to family officials for high net worth clients.
In the US, Focus recently added Prarie Capital Management of Kansas City and Matheys Lane Capital Management of Providence, Rhode Island, both of which focus on high net worth clients.
Kodialam said Beryllus will provide the full range of family office services such as cash management, private investment, tax, trust and estate planning, either sourced from third parties or, increasingly, from other Focus Financial partner companies. The knowledge gained for the richest of the rich is in turn transferred to other Focus finance companies.
“We will learn from the needs of customer families and offer these services to other partners who serve other customers,” she said.