RIA aggregator Hightower facilitated an M&A transaction in which its affiliated New York advisory firm Fischer & Co. has merged with another New York advisory firm, the 54-year-old Stralem & Co., which has $280 million in assets under advisement.
The transaction has created Fischer Stralem Advisors, with combined AUA of about $800 million, Hightower announced Tuesday.
The merged firm joined the Hightower platform Sept. 25, according to its website, which is still under contruction.
Stralem’s Hirschel Abelson, Adam Abelson and Andrea Lustig have joined Fischer’s Alan Fischer and David Choe as partners of Fischer Stralem Advisors, which has a combined 13 employees, including five advisors who serve high-net-worth and ultra-high net worth clients and institutions, Hightower said.
“This united entity brings together two highly experienced teams with closely aligned service philosophies,” Alan Fischer, founder and a managing partner of Fischer, said in a statement. “Our collective intellectual capital — combined with Hightower’s operational and strategic support — will allow us to enhance service to our clients, nurture our next generation of leaders and attract new business.”
Hightower’s M&A team facilitated the sub-acquisition by providing Fischer with turnkey deal support.
“Support for inorganic growth is key part of Hightower’s business acceleration services,” according to Scott Holsopple, its chief growth officer, who said “Fischer joined Hightower in 2018 as one of Hightower’s early acquisitions.”