HighTower has bought a stake in registered funding advisory agency, the corporate mentioned Thursday. It is the primary deal HighTower has executed with an RIA since Bob Oros grew to become the chief government of the corporate.
Phrases of the deal between the consolidator and the Memphis, Tenn.-based agency that manages $2.6 billion weren’t disclosed.
Inexperienced Sq. Wealth Administration was not too long ago based by Darrell Horn, a former senior managing director and the co-founder of Inexperienced Sq. Capital. Partnering with HighTower will allow the agency to serve extra purchasers and improve service to the RIAs’ present ones, Horn mentioned in a press release.
Horn based Inexperienced Sq. Capital after leaving Goldman Sachs, the place he helped assemble funding portfolios and develop methods for ultra-high internet value households and household places of work.
HighTower now has an possession stake in 22 RIAs. There are 94 advisory companies managing roughly $68.6 billion affiliated with HighTower, in line with the corporate. Wealth managers may pay to make use of HighTower’s platform, which incorporates help for operations, compliance and know-how.
Bob Oros, the previous CEO of the Blucora-owned b/d HD Vest, formally took the helm of HighTower Jan. 7, after founder and CEO Elliot Weissbluth mentioned he deliberate to step down and change into chairman of the Chicago-based agency’s board.
Since its founding in 2007 as a turnkey touchdown place for so-called wirehouse brokers concerned about beginning their very own impartial RIA, HighTower has been one of many fastest-growing companies. It bought a $100 million stake in itself to non-public fairness agency Thomas H. Lee Companions in 2017 to speed up the corporate’s progress.