HighTower says it is buying WealthTrust, an RIA-rollup firm in Houston that has about $6.4 billion in client assets and is owned by Lee Equity Partners, in what should be its biggest deal yet.
Once the deal is wrapped up, Chicago-based HighTower says it expects to have close to $46 billion in client assets and roughly 40% of its team will be either independent RIA teams that it acquired or that are using its services.
“Ten years ago, we founded this company upon our core belief that the fiduciary approach is the best for clients — and the best for business,” said HighTower CEO Elliot Weissbluth, in a statement. “We are proof that the fiduciary standard is the future of financial services.”
The firm financed the cash-only purchase by adding $75 million to a $245 million credit facility it has, which is led by BMO Harris and includes lenders Regions Bank, Fifth Third Bank and KeyBank.
About two weeks ago, HighTower recruited a group formerly affiliated with LPL Financial in St. Louis: Rogers & Co. Wealth Management. The team, led by Carol Rogers, merged with HighTower St. Louis (which was acquired in 2016 and formerly known as Archer Wealth Management).