Focus Financial Partners, a prominent US consolidator of financial advisory firms, is being sued by one of its original affiliates, Investment News reports.

Strategic Point Investment Advisors of Providence, Rhode Island,  filed the lawsuit under seal in Delaware's Court of Chancery on 17 November  to get access to its financial data, the paper reported.

New York-based Focus announced a recapitalization and its first acquisition in more than a year earlier this month.

The past year has seen a slow-down in activity for consolidators, also known as “roll-up” firms, who typically gain control over advisory firms by offering cash and equity.

Both Focus and Progressive Financial Strategies are incorporated in Delaware. As well as a network of businesses in the US, Focus also has entered the UK financial advisory market.