Settlement Reached in StrategicPoint Dispute

Settlement Reached in StrategicPoint Dispute

The founder of StrategicPoint Investment Advisors, LLC, David Brochu, and the firm that owns his company, Focus Financial Partners, LLC, have reached a settlement in a bitter court dispute.

A GoLocalProv exclusive report on May 12 revealed that David Brochu was no longer with the company that he founded.

StrategicPoint is a prominent Rhode Island financial firm that managed assets worth $550 million as of the end of last year.

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Last fall, Brochu sued the owner, Focus Financial, in Delaware Chancellery Court, seeking access to various financial records. In a message to his clients at the end of May, Brochu said he had finally gained access to most of the information he sought, but another unspecified dispute sent him and Focus Financial spurred another round of lawsuits, this time in Providence Superior Court.

But now the two parties have again reached a settlement, Focus Financial Partners announced yesterday. According to the agreement, Brochu is vacating his role at StrategicPoint.

“I’m thankful that I had the opportunity to serve my loyal clients for more than two decades and for Focus’ continued commitment to these individuals and StrategicPoint going forward,” Brochu said.

No other terms of the agreement were released.

StrategicPoint will now be led by Managing Directors Rick Anzelone and Betsey Purinton, who have been with the company a combined 20 years.

“We appreciate the enthusiasm, ideas and desire for continuous improvement David brought to StrategicPoint, which enabled the company to grow to an excess of $550 million in assets under management as of the end of 2009,” said Rajini Kodialam, a co-founder at Focus. “He has left the company with a strong foundation and a seasoned team capable of continuing our partnership.