A North Carolina-based wealth manager catering to UHNW clients becomes part of the Focus Financial family of businesses.

Focus Financial Partners, the US-headquartered partnership of wealth managers, has added another firm to its orbit: Eton Advisors, a registered investment advisory firm based in Chapel Hill, North Carolina.

The RIA serves ultra-high-net-worth families; it is the first Focus partner firm based in North Carolina, Focus said in a statement yesterday.

Such deals are part of a trend of consolidation and restructuring in the North America wealth industry. In some cases, breakaway teams forming RIAs are teaming up with partner firms to provide middle- and back-office support; others are joining networks and franchises to take advantage of national brands, obtain new expertise and certain economies of scale in an increasingly regulated and costly sector.

Co-founders Robert Mallernee, Jack Parham and Teresa Eriksson worked together at US Trust and UBS, serving as senior executives in the respective multi-family office groups.  In July 2009 they decided to form their own independent RIA. It serves clients in more than 20 US states, along with Canada and Puerto Rico.

In connection with joining Focus, the firm’s next-generation leaders Brad Dalton, John Wallace, Dexter Blackwell and Kendra Fortier joined the co-founders to form the new management team.

Colchester Partners advised Eton in the deal process, the press statement said.

To see an example from last year of a firm joining the Focus network, click here.