Hightower has made a strategic investment in Cincinnati, Ohio-based advisory business Osborn Williams & Donohoe.

The investment amount was not revealed.

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The deal will offer Osborn access to capital services, middle- and back-office support and business development consulting service of Hightower.

This is said to support Osborn’s organic and inorganic growth.

The deal awaits regulatory nod, with completion anticipated in the third quarter of this year.

Osborn president David Osborn said:  “Hightower’s business model, operational services, capital and community were important factors in our decision to join the firm.”

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Set up in 2012, Osborn specialises in catering to entrepreneurs, medical professionals and HNWIs. It also serves private endowments and foundations.

The business manages $1.4bn in assets. It has a workforce of 15, including five advisers.

The latest deal is Hightower’s second this year.

With the deal, Hightower has 107 advisory businesses in 34 states.

It comes shortly after Hightower’s strategic investment in Wellspring Associates, a US-based wealth planning and consulting firm.

Hightower supports advisory businesses with capital, as well as offers compliance, accounting, human resources, investment research, and marketing services.

The firm had assets under management of $57.4bn at the end of December 2019.

Hightower CEO Bob Oros said: “From its focus on client wellness to its independent-minded approach to wealth management, Osborn Williams & Donohoe is a great fit for Hightower.