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Articles tagged "Rudy Adolf"


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Cecile Munoz: They're burned out and emotionally drained,

The upper RIA echelon mass-exit is now at 25 execs and counting -- for 25 'reasons' -- but it's hardly a coincidence, analysts say

Burnout and EBITDA weigh on CEO-types as never-ending exits claim Ron Carson, Aaron Klein, Bernie Clark, Rudy Adolf, Bill Crager and Tim Buckley.

June 7, 2024 at 11:17 PM

Dan Glaser: We wish Rudy nothing but the best in his future endeavors.

Focus Financial makes 'abrupt' CEO call, lets Rudy Adolf go into 'retirement,' with 'no solution in place;' the eighth RIA chief executive unseated since June as VCs move in -- where is the EBITDA?

Clayton, Dubilier & Rice closed on its $7-billion purchase of the roll-up on Aug. 31 -- with no hint that its parting of the ways with legendary 60-year-old founder was in the offing.

October 24, 2023 at 1:19 AM

Rudy Adolf is known as a genius-level financial engineer and he may be on the verge of proving it

Maybe only Hollywood stands between Rudy Adolf and a $320-million golden parachute | FutureProof has a bit of SALT glitz | New wave of robo-advisors includes participants like Adam Nash, Kevin Durant and Barry Ritholtz

Josh Brown's FutureProof is a big tent party; Roll-up pioneer/Focus CEO engineers soft landing; The dream of the absentee-owner robo-advisor never dies to VC investors -- even if retail investors do nothing to lead them on

August 10, 2023 at 2:29 AM

Mike Wunderli: When a company makes a significant and surprising move like this, they need to make sure to cover their bases.

CD&R mollifies Focus Financial 'FOMO' with non-monetary sweetener to ease the shareholder pain of dumping the company in a sour market

The New York City buyout firm is offering a 'knock-yourself-out' provision to let Focus make a last-ditch effort to find a white knight to 'cover its bases from a liability standpoint.'

February 28, 2023 at 2:54 AM

Focus Financial could get rolled down if Clayton, Dubilier & Rice takes over.

Focus Financial is pushing shareholders to take a take-it-or-leave-it private equity offer worth about $6 billion -- including $2 billion debt assumption -- despite a break-up value near $10 billion

Clayton, Dubilier & Rice's $53-a-share, or $4.1 billion, offer is predatory but likely to be accepted, in the sense that analysts imagine the rollup could be sold off in parts; Buckingham, alone, may fetch $2 billion.

February 3, 2023 at 3:03 AM

Rudy Adolf: We see a softening of multiples.

With RIA valuations ticking down and successions ticking up, Focus Financial deep sixes 'drunken sailor' pause, forgoes buyback plan and adds a CEO

CEO Rudy Adolf sees a 'softening' in multiples after a couple of frothy years when CI Financial dominated headlines and big RIA deals

August 13, 2022 at 12:39 AM

Rudy Adolf: We certainly avoided so many of the -- I think I called them 'drunken sailor transactions'.

As Focus Financial shares languish, Rudy Adolf plans $200 million buyback and rebuffs questions he's overpaying for RIAs--because he avoids 'drunken sailor transactions'

The New York City rollup buys at private prices then sells at public valuations, but now the CEO's buying at public share prices in some 'privately negotiated transactions' hoping for a bounce

May 13, 2022 at 2:31 AM

Rudy Adolf: Reality is – actually the number is about 1,000 firms in the industry based on several research groups are over $1 billion.

Focus Financial struggles to move 'needle' but reframes opportunity from 500 $1-billion RIAs to 1,000 practices

The RIA rollup's decelerating growth rate and limited acquisition capital are among an analyst's concerns

May 7, 2021 at 1:54 AM

Rudy Adolf and fellow execs and directors will not cash out with this offering.

Focus Financial shares drop after hours as secondary offering gets filed that mostly pays off KKR and Stone Point without generating M&A capital

The New York rollup's shares have risen with RIA valuations, giving the pre-IPO investors an exit window

February 25, 2021 at 11:00 PM

Rudy Adolf:  We kind of tried to stay away from the institutional business intentionally.

Focus Financial buys B2B outsourcer -- a business model shift that stretches its M&A dollar but also introduces identity issues

The New York rollup bought $9 billion of AUM, but CornerStone Partners is still an OCIO for non-profit institutions with a set of challenges unique to its niche.

November 13, 2020 at 4:29 AM

Rudy Adolf: Quite frankly, discipline is our middle name, and this has made us the largest player in this industry.

Focus Financial CEO pumps brakes hard on M&A market, waiting for a return to 'normal' -- and buyers of Focus stock bid up price as debt ratio improves

Rudy Adolf sees RIA-seller supply catching up with serial-buyer demand soon enough and that his roll-up's discipline will pay dividends and restore its market leadership

August 25, 2020 at 3:39 AM

Jim Shanahan: As we begin to de-lever in 2020, with the goal of operating within a range of 3.5x to 4.5x, we will balance growth with managing our capital resources.

Focus Financial CFO admits firm needs to 'de-lever' and assures analyst $14-million splurge for posh new offices won't soon repeat

Jim Shanahan say his New York-based roll-up will attempt to get to 3.5 debt-to-equity ratio and critics wonder whether that is signal of weak pipeline of deals

November 13, 2019 at 3:30 AM

Rudy Adolf: We don't have current imminent plans to issue equity.

Focus Financial files a shelf registration as debt swells above critical '4X' level then its shares dropped to new low in after-hours

Focus CEO all but ruled out a secondary offering on Aug. 8 in response to a Goldman Sachs analyst who asked about leverage, then asked, again.

September 2, 2019 at 4:46 PM

Matt Crow: RIAs cannot sustain those valuations, so either the pricing is overstated, the pro forma adjustments are substantial, the expected growth is steep, or these really are the end times.

Focus Financial IPO marks an RIA milestone one year on, but year two hinges on how Rudy Adolf handles the millstone around his neck--mounting debt

The rollup CEO needs to do deals to grow and debt to do deals; he also needs a window to de-leverage, but it's nowhere in sight

August 2, 2019 at 7:50 PM

Bill Jones says the sale to Focus allows it to get better without sacrificing independence.

Focus Financial deal for white-shoe New York City RIA adds $7.7-billion of AUM, but Focus stock remains mired in the doldrums on Wall Street

The New York roll-up makes partner of Williams, Jones & Associates, a firm of 38 employees including 14 advisors

June 4, 2019 at 4:15 AM

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