Ketoret Capital Leaves Sanctuary for Focus Financial Partner, Telemus Capital

Kirill-Vorobeychik-ketoret.jpg Image via ketoretcap.com Ketoret Capital CEO Kirill Vorobeychik RIA Edge>RIA News Ketoret Capital Leaves Sanctuary for Focus Financial Partner, Telemus Capital Telemus adds Chicago-based Ketoret Capital, which focuses on serving widows, divorcees and members of the Jewish diaspora.

Detroit-based Telemus Capital, a Focus Financial Partners firm, is set to acquire Ketoret Capital in the Chicago suburbs in a deal expected to close in the first quarter of 2024.

Ketoret is led by CEO Kirill Vorobeychik, who founded the practice on the Sanctuary Advisors platform last year after 15 years with Merrill Lynch and eight with Citigroup. He is joined in the move by COO Mary Teresa Roberto and Senior Relationship Manager Susan Wolfe, both partners in Ketoret.

Related: Sources: Focus Financial Firms To Consolidate

Stateside, the team offers bespoke financial planning services to public company executives, business owners and entrepreneurs, scientists and physicians, active and retired, and their multi-generational families and business entities. The firm also has a niche focus on serving widowed and divorced women.

Internationally, Ketoret—a Hebrew word meaning bonding or connection—also supports members of the Jewish diaspora who have emigrated or plan to emigrate to Israel—known as Olim—from the U.S., England or France, as well as allies of Israel in the United Arab Emirates, Bahrain and Saudi Arabia, and Christian supporters of Israel globally.

Related: Focus Financial Founder Rudy Adolf to Depart Firm

The Ketoret team expects to “benefit from the broader resources and infrastructure available through Telemus,” according to an announcement.  

"After a rigorous process to identify a strategic partner, I felt there was a great fit with a team that had the same level of commitment to client care that our clients have become accustomed to," Vorobeychik said in a statement. "We expect this transaction to enhance the services and resources we can offer our clients, and to provide our team with a seamless transition that will equip them with tools to enhance our clients' experiences."

Telemus CEO Lyle Wolberg added, "We have gotten to know Kirill, his team and their unwavering commitment to their clients, and believe our firms coming together will add talented professionals and a strong base of clients to our growing team in that wealth market."

"This transaction will enable Telemus to continue to add talent to its team and is another example of how we add value to our partners through our M&A expertise and extensive network of relationships in the industry," said Focus Co-Head of Partnerships and Business Development Pradeep Jayaraman.

With 53 employees, approximately half of whom are advisors, Telemus currently manages close to $3 billion in assets for around 1,400 clients.

The firm completed its first deal as a Focus partner in 2017, when it merged with Chicago-based Barrington Strategic Wealth Management.

Since its founding in 2004, Focus’ acquisition model has been to buy 100% of the assets of a firm, which retains a portion of its revenue earnings through a management company equity structure. Following the sale of the firm to Clayton, Dubilier and Rice earlier this year, however, the firm appears to have been offering to buy out that equity from existing partners as it moves to consolidate more than 90 firms into a handful of its largest partners.

All three of the firm’s founders have departed in the wake of the sale.

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Originally posted on: https://www.wealthmanagement.com/ria-news/ketoret-capital-leaves-sanctuary-focus-financial-partner-telemus-capital