HomeMy WebLinkAboutC-5606(A) - Consent to Assignment of PSA for Consulting Services Related to the City of Newport Beach Deferred Compensation PlanI�0
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FBenefit Financial
Services Group
Benefit Financial Services Group ("BFSG")
Notice of an Important Transaction
We are writing today to update you on our business partnership with Focus Financial Partners, LLC
('Focus") and to let you know about an important and exciting event concerning Focus. As you know,
we are a partner firm of Focus, which has a unique and highly decentralized business model. Most of
the operations and client servicing decisions affecting our firm remain in our hands. At the same time,
our partnership with Focus affords us access to significant resources in operations, technology,
marketing, business development, talent development and recruitment, and legal support.
Focus has recently signed a definitive agreement with investment vehicles of two internationally known
private equity firms, Stone Point Capital LLC ("Stone Point') and Kohlberg Kravis Roberts & Co. L.P.
(`KKR"), which will make a majority investment in Focus on or about July 1, 2017. This transaction is
a vote of confidence in Focus' proven business model, which is now into its second decade.
Although this transaction is an important event for Focus, no change is proposed to your advisory
agreement, and we expect to continue to provide you with the same advisory services as before the
agreement was signed. As a legal matter, the transaction will trigger a "change of control" that is
deemed an "assignment' of your advisory agreement under federal securities laws. Consequently, we
are required to inform you of the transaction (i.e., the Focus transaction with Stone Point and KKR) and
to seek your consent to the assignment triggered by that transaction.
• To indicate your consent, please sign the attached form and return it to us by June 8, 2017 in one
of the following ways:
Via Mail to: BFSG, LLC
2040 Main Street, Suite 150
Irvine, CA 92614
Via Email to: rachelfCbfsg.com
We are excited about this next stage in the evolution of Focus and are confident that its strength and
sophistication will continue to help us as we strive to provide you a leading edge consulting experience.
As always, should you have any questions please do not hesitate to contact your BFSG Retirement Plan
Consultant.
2040 MAIN STREET SUITE 150, IRVINE, CALIFORNIA 92614 1 TEL: 949.955.2552 1 FAX: 949.955.2553 1 W WW.BFSG.COM
CONSENT TO ASSIGNMENT OF PROFESSIONAL SERVICES AGREEMENT WITH BFSG,
LLC FOR CONSULTING SERVICES RELATED TO THE CITY OF NEWPORT BEACH
DEFERRED COMPENSATION PLAN
I have reviewed the accompanying letter, which describes a transaction that will constitute a
"change of control" of BFSG, LLC dba Benefit Financial Services Group that is deemed an
"assignment" of our investment advisory agreement with BFSG. I hereby consent to such assignment
and authorize each such contract to continue in full force and effect, without interruption, following the
closing of the described transaction on or about July 1, 2017.
APPROVED AS TO FORM:
CITY ATTOR TVY',SOFFICE
Date: (o
By:
Aaron C. Harp W 05 4
City Attorney
ATTEST:
Date:
By:
--�ra -S,
Leilani . Brown
City Clerk
CITY OF NEWPORT BEACH,
a California municipal corporation
Date: )1
By:
Dav iff
City Manager
2040 MAIN STREET SUITE 150, IRVINE, CALIFORNIA 92614 1 TEL: 949.955.2552 1 FAX: 949.955.2553 1 www.BFSG.COM