Bronfman E.L. Rothschild said Tuesday that it was buying Highline Wealth Management. The combined firm should have some $3.6 billion in client assets.
“This acquisition is another step toward our strategic goal to broaden our reach and scope of services by acquiring high-quality firms led by talented people who share our transparent, client-first approach,” Rotschild said in an online announcement about the deal.
Highline founder Neal Simon, who is based in Washington, will become CEO of the combined firm and join Bronfman E.L. Rothschild’s board of directors.
According to Rothschild, the combined firm will have nine locations in the Midwest and Northeast.
“Our clients remain our number one priority and, as a result, will keep their same advisors, custodians and investments,” the company explained. “Combining our firms gives us the ability to grow in expertise that is sophisticated and comprehensive while remaining independent. And we will now offer 401(k) services, a Bronfman E.L. Rothschild strength, on the East Coast.”
In addition, the firm says it is pleased to expand its financial planning and performance reporting capabilities and to benefit from “more advantageous pricing with custodians and other similar synergies.”