HighTower CEO Elliot Weissbluth confirmed Thursday that his firm is buying WealthTrust, its largest acquisiton ever.
The addition of WealthTrust’s $4.6 billion in client assets lifts HighTower’s total client assets to almost $46 billion, which is nearly a four-fold increase from four years ago.
The announcement from the Chicago-based consolidator comes less than a week after it was reported that HighTower was in talks to buy WealthTrust.
The deal is HighTower’s fifth RIA acquisition in the last 18 months, reflecting the increased focus on RIAs as opposed to its original focus on providing a platform for breakaway brokers.
According to Weissbluth, RIAs now make up about 40% of the company.
While the WealthTrust acquisition is still technically subject to some regulatory approval, Weissbluth said, “The deal is done and there is no risk that this deal doesn’t happen.”
Full Content: Investment News
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