Hightower has made a strategic investment in Dallas, Texas-based wealth advisory firm Frontier Investment Management, which manages $3.3bn in assets.

Financial details about the deal were not divulged.

Frontier will use Hightower’s middle- and back-office operations, business consulting and supportive community to support its growth.

The latest deal, which awaits regulatory nod, is Hightower’s third this year.

Deal completion is anticipated in the third quarter of this year.

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 totalled $56.7bn at the end of June 2020.

Hightower CEO Bob Oros said: “Frontier is a successful business with a talented, energetic next generation that are poised to scale.

“Hightower is excited to be providing them with the middle- and back-office support, capital, time and resources they need to grow organically and through acquisitions.”

Frontier caters to individuals, families as well as corporations.

It has nine offices across the US, which are located in Dallas, Houston, Austin, New Orleans, Denver, San Ramon, San Diego, Scottsdale, and St. Petersburg.

The firm has a workforce of 42 employees, of which 35 serve clients directly in an advisory role.

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

Frontier is headed by principals Brian Hattendorf, Richard Sowden and Gary Schoen.

Hattendorf noted: “At a time of significant consolidation and change in the industry, Hightower’s intellectual capital and institutional-quality infrastructure will give us the ability to nurture our next generation of leaders, expand our reach, and scale our business to benefit our clients, partners and team members.”