Hightower has made a strategic investment in Florida-based $1bn RIA Landsberg Bennett Private Wealth Management.
The size of the investment was not disclosed by the companies. The transaction is expected to close in the fourth quarter of the year.
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Established in 2012, Landsberg Bennett provides wealth management services to individuals and families.
Led by principals Michael Landsberg, Lew Bennett and Anthony Dubbaneh, the firm has 14 employees including five advisers who focus on serving new retirees, attorneys, business owners, physicians, and executives.
Landsberg Bennett caters to ultra-high net worth (UHNW) and high net worth (HNW) clients, while Hibiscus Investments, its sister brand, serves mass affluent clients with less than $1m of investible assets.
The partnership will see Landsberg Bennett leveraging Hightower’s resources, operational, value-added and business acceleration services to further expand its business.
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By GlobalDataHightower chairman and CEO Bob Oros said: “We are delighted to welcome Landsberg Bennett to the Hightower partnership community, and look forward to providing them with the scale, support and independence they need to turbocharge future business growth.”
Commenting on the deal, Landsberg Bennett principal Michael Landsberg said that partnering with Hightower will enable the firm to expand both organically and inorganically while retaining autonomy, brand and strategic control.
In August this year, Hightower acquired an undisclosed stake in Denver-based $800m wealth management firm Investment Security Group through a strategic investment.
In July, it purchased Farr, Miller & Washington, Washington, DC-based wealth manager with $2bn in assets.
