What You Need to Know
- Investment Security Group has $800 million in assets.
- Hightower says the transaction involves both cash and equity.
- As of June 30, Hightower's assets under administration were roughly $125.2 billion and its assets under management were $101 billion.
Hightower Advisors has acquired a stake in Investment Security Group, a Denver wealth management firm with $800 million in assets.
While Hightower would not disclose the size of its strategic investment, it did say the transaction involves both cash and equity. As part of the deal, Investment Security Group will use Hightower’s services, such as those tied to business acceleration, infrastructure, and middle- and back-office work.
“Investment Security Group is a vibrant, second-generation wealth management business that is poised for expansion in a highly coveted geography. It has a strong management team, high client retention and a growth-minded culture,” according to Hightower Chairman and CEO Bob Oros.
Founded in 1992, Investment Security Group is led by CEO Mitch Powers, CFO Barbara Krause, Chief Compliance Officer Marc Friedman and Chief Marketing Officer Odette Sahakian. It has 10 employees, including six advisors.
“We chose Hightower because everything about the firm, from its technology and compliance services to investment ideas, trust services and digital marketing support, is geared toward helping us grow our business,” according to Powers.
Hightower works with 116 advisory businesses in 34 states and the District of Columbia. As of June 30, its assets under administration were roughly $125.2 billion and its assets under management were $101 billion.
Last month, the RIA aggregator bought Farr, Miller & Washington, which has $2 billion in assets, as well as offices in Washington, D.C., Florida and Pennsylvania.
Pictured: Bob Oros, CEO of Hightower