HighTower has made a strategic investment in Schultz Collins, an advisory firm headquartered in San Francisco.
Financial terms of the deal were not disclosed.
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Schultz caters to individuals, institutional investors and retirement plan sponsors from branches in San Francisco, Washington, D.C. and Towson, Maryland.
The business, set up in 1995, oversees $1bn in assets. It has 11 staff including seven advisers.
Schultz managing principal Kristor Lawson said: “We are pleased to be joining HighTower, and look forward to utilising its business consulting, operational support, capital and other services for the benefit of our clients.
“HighTower’s support will enable us to strengthen existing relationships and expand services while remaining steadfast in our commitment to clients.”
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By GlobalDataThe deal is pending regulatory nod, with completion anticipated in the final quarter of this year.
The takeover marks the fourth acquisition by HighTower this year. The firm’s assets under management totalled $59.5bn at the end of September 2019.
Earlier this year, HighTower invested in Lexington Wealth Management, LourdMurray, and Green Square Wealth Management.
Last year, HighTower announced the purchase of Salient Private Client, the wealth management arm of Salient Partners.
HighTower CEO Bob Oros said: “We are honoured to welcome Schultz Collins to HighTower and look forward to helping them scale their business in Silicon Valley, the West Coast and across the U.S.”
