Hightower has made a strategic investment in $700m wealth management firm Clear Perspective Advisors, which has offices in Aurora and St. Charles, Illinois.
The size of the investment was not revealed. The transaction is expected to conclude in the fourth quarter of the year.
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Established by Michael Morcos, Jonathan Hylton, and Stewart Beach by in 2011, Clear Perspective specialise in financial planning and investment management services.
The firm has a team of ten employees, including seven advisers who caters to the needs of corporate executives, business owners and entrepreneurs among other individual and institutional clients.
As part of the deal, Clear Perspective will benefit from Hightower’s growth consulting services, middle and back-office operations.
The firm will also utilise Hightower’s support and infrastructure to scale up its service offering to new and existing clients.
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By GlobalDataCommenting on the deal, Morcos said: “We chose Hightower because it not only brings institutional-quality infrastructure and services such as technology, compliance, finance, marketing and HR support, but also offers access to some of the most experienced wealth management minds in the business.”
Hightower has 120 advisory businesses across 34 US states and the district of Columbia.
As of 30 September 2021, the firm has approximately $132.2bn in assets under administration (AUA) and $104.1bn in assets under management (AUM).
Hightower chairman and CEO Bob Oros said: “Our organisation is excited to collaborate with Michael, Jonathan, Stewart and the team on strategies to add value to their client relationships and accelerate new business. We are honored to be supporting them in the next chapter of their growth.”
In October this year, Hightower made a strategic investment in Florida-based $1bn RIA Landsberg Bennett Private Wealth Management.
Last month, the firm said it will set up three new office locations in New York City to provide space for its increasing number of corporate and advisory-business professionals.
