Hightower has acquired wealth management firm Washington, DC-based Farr, Miller & Washington which oversees $2bn in assets.

Financial terms and other details of the deal were not disclosed.

Established in 1996, Farr, Miller & Washington offers individuals, families and institutions long-term investment portfolios and strategic advice.

The firm, which has offices in Florida and Pennsylvania, employees 20 people, including 13 investment professionals focused on serving affluent clients and institutions.

As part of the deal, Farr, Miller & Washington president and CEO Michael Farr will take up the role of chief market strategist at Hightower.

Farr will work closely with Hightower Investment Solutions group, led by chief investment strategist and portfolio manager Stephanie Link.

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Hightower chairman and CEO Bob Oros said: “Michael Farr and his team at Farr, Miller & Washington are highly respected both inside the beltway and throughout the US.

“I have known Michael personally for over 15 years and we couldn’t be more thrilled that they have chosen to join Hightower for the next chapter of their growth and are honoured to be welcoming them to the firm.”

Commenting on the deal, Farr added: “We considered several firms, and chose to join Hightower because of the culture, supportive community and broad-based business services that will help us deliver a streamlined wealth management experience to our clients now and for decades to come.”

Hightower operates 115 advisory businesses in 34 US states.

The firm had $125.2bn assets under administration and $101bn AuM as of 30 June 2021.

Recent consolidation activities by Hightower

In January this year, Hightower made an investment in New York-based Siller & Cohen Family Wealth Advisors, a wealth management firm with $830m in assets under management.

The same month, the RIA aggregator greed to snap up $8bn Los Angeles-based advisory firm Bel Air Investment Advisors, marking its largest purchase ever.

Last year, Hightower made investments in a number of firms including Hart Financial Group, Argent Wealth Management, Stearns Financial Group, and Teak Tree Capital Management.