American financial services firm HighTower has secured a US$100 million bank financing from BMO Harris Bank and PNC Bankto support continuing growth across its partnership, network and alliance channels.
In addition, the new facility will offer access to up to US$100 million in commercial bank loan financing.
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In this year, HighTower has hired four new advisor teams including RJ Wealth Management, Gryphon Financial Partners, the Ezzell Group and a team of three advisors who joined Kelly Wealth Management.
The firm has also launched the HighTower Alliance, an entry point to its resources and infrastructure, with Gavion Partners as its first member.
Larry Koehler, CFO of HighTower, said: "HighTower’s profitability has grown quickly and consistently over the past few years. Securing significant bank financing reflects the strength of our business today and reinforces our vision of continued growth for tomorrow."
Michael Parker, national director, enterprise development, HighTower, said: "As their businesses thrive and grow, we deliver the resources and support to help them meet client needs in the complex and evolving financial services environment."
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