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August 31, 2022 at 12:59 PM
What You Need to Know
- RIA Hightower's strategic investment in Bellevue, Washington-based Highland Private Wealth Management is its fifth deal so far in 2022.
RIA Hightower said Wednesday that it made a strategic investment in Highland Private Wealth Management, an RIA in Bellevue, Washington that was founded in 1999 and manages $1.2 billion in client assets.
The transaction marked Hightower’s fifth deal of 2022 and followed its announcement two weeks ago that it facilitated a sub-acquisition for Fairport Wealth, an advisory business in Cleveland, Ohio that manages $3.3 billion in client assets.
Among the other deals this year, Hightower said in February it made an investment in Grant Tani Barash & Altman, a business management firm based in Beverly Hills, California, that provides high-net-worth and ultra-high-net-worth clients with bill payment, tax preparation and other concierge-style financial management capabilities.
As of June 30, Hightower’s assets under management were $108.4 billion, while assets under administration were about $132.6 billion, it said, noting it now has 131 advisory businesses in 34 states and the District of Columbia.
Hightower didn’t specify how much of a stake it took in Highland or provide financial terms of the transaction.
“What we can say is that the transaction involved cash and equity,” Bob Oros, Hightower CEO and chairman, told ThinkAdvisor. ”In all of Hightower’s transactions, the principals maintain an economic interest in, as well as strategic and management control of, the business,” he said.
Although Highland is an RIA, “post-transaction it will join Hightower’s RIA so its assets will move to Hightower’s ADV,” Oros pointed out.
For the deal, Highland was advised by Raymond James’ Asset & Wealth Management investment banking team and received legal counsel from Peterson Russell Kelly Livengood, Hightower said.
Highland, which has 18 employees, including five advisors, offers wealth counseling, investment management and financial planning services to executives, professionals, business owners, wealth beneficiaries and other HNW households, Hightower said.
