Chicago-based wealth management firm Hightower has made a strategic investment in Bellevue-based Highland Private Wealth Management, a $1.2 billion wealth advisory and investment management business, Hightower announced last week.
Terms of the investment were not disclosed, but the transaction involved cash and equity.
Hightower had assets under management of $108.4 billion as of June 30, and assets under administration of approximately $132.6 billion.
Highland provides wealth counseling; investment management; and financial planning services to executives, professionals, business owners, wealth beneficiaries, and other high-net-worth households in the Pacific Northwest and beyond. Founded in 1999, Highland has 18 employees, including five advisors.
"Highland is a high-growth organization with a strong bench of multigenerational leaders and a differentiated approach to client service," Bob Oros, chairman and CEO of Hightower, said in a news release. "There is a real synergy between Highland and Hightower, culturally and philosophically. Highland recognizes that the world is changing. They are forward-thinking in the way they've evolved their offering to meet their clients' total life needs — this commitment and approach fits squarely with Hightower's ‘well-th rebalanced’ ethos."
Highland's CEO and founder, John Christianson, added, "At Highland, we believe in acting as the central 'wealth confidant' to clients, providing them with deep financial knowledge and specialized coaching to help them connect their money to a life of meaning and purpose. Our strategic partnership with Hightower — which includes access to institutional-level value-added services, operational scale and support — is a key step in advancing how we serve our clients and grow our business. The partnership enables us to retain our entrepreneurial spirit and autonomy, which has been central to our success."
Hightower offers its 131 advisory businesses in 34 states and the District of Columbia a range of services designed to accelerate organic growth, including business development consulting, leadership and team development, talent acquisition, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. Inorganic growth services include sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources for M&A transactions. Advisory groups that partner with Hightower also gain access to economies of scale, deep industry relationships and a nationwide advisor community, the release said.