Hightower has made a strategic investment in Illinois-based wealth management business Private Vista, which manages $1.5bn in assets.

Financial details of the transaction have not been shared.

Private Vista will utilize Hightower’s middle- and back-office support and business growth consulting to expand its services.

The latest deal is Hightower’s fourth transaction this year. Currently, Hightower has 109 advisory businesses in 33 US states.

The deal, which awaits regulatory nod, is scheduled to close in the third quarter of this year.

Recently, Hightower invested in a $3.3bn Texas advisory firm Frontier Investment Management.

Earlier this year, Hightower invested in Cincinnati, Ohio-based advisory business Osborn Williams & Donohoe as well as wealth planning firm Wellspring Associates.

Hightower’s AUM totaled $56.7bn at the end of June 2020.

Hightower CEO Bob Oros said: “Private Vista is a highly successful advisory group grounded in the fiduciary-minded approach, not only in how they care for their clients but in how they plan for the future.

“We are honored to welcome the firm to Hightower and look forward to providing the team with additional resources and scaling support to help deliver comprehensive wealth management services to their current and future clients.”

Established in 2016, Private Vista provides financial planning and investment management services to business owners, corporate executives, and multi-generational families, among others.

The company employs 34 people, including 20 advisers.

As part of its growth plan, the firm promoted seven employees to partner.

Private Vista managing partner Jim Weil said: “As we seek to further solidify a strong foundation for our clients, their families and future generations of Private Vista leadership, it was clear that Hightower had the right combination of marketplace experience, commitment to continuous investment and resources to help us grow.”