Hightower has invested in $600m Fort Worth, Texas-based advisory firm Teak Tree Capital Management, marking its fifth deal this year.
The investment amount was not disclosed.
The deal, which awaits regulatory approvals, will offer Teak Tree access to Hightower’s back-office resources, integrated technology, growth acceleration services, and adviser community.
Hightower CEO Bob Oros said: “Teak Tree is a strong business that is poised for further growth in the Fort Worth area and beyond.
“We are excited to be providing the Teak Tree team with middle- and back-office operations, advanced integration, business acceleration services and additional client resources to give them more time to care for clients and nurture prospects.”
Teak Tree will retain its brand upon deal completion in the final quarter of this year.
Set up in 2009, the firm focuses on financial planning and research-driven investment strategies. It caters to entrepreneurs, business professionals, and multi-generational families.
The firm employs seven people, including three advisers.
Teak Tree co-founder Adam Deem said: “Our firm was built on collaboration – our advisers and employees work closely together to serve our clients across all their wealth management needs.
“Joining Hightower will extend this collaboration as we gain access to the support and experience of other Hightower advisers.”
At present, Hightower has 110 advisory businesses across 33 states.
The firm had nearly $75.7bn in assets under administration and $56.7bn in assets under management at the end of June 2020.
Last month, the firm made strategic investments in Private Vista, and Frontier Investment Management.
Earlier this year, Hightower invested in Osborn Williams & Donohoe as well as Wellspring Associates.