The transaction is the eighth that Hightower has entered into this year, taking its total collection of advisor firms to 113, spanning 33 states.
Hightower has made a strategic investment in Hart Financial Group, an $800 million financial advisory business in Austin, Texas.
The financial size of the investment wasn’t disclosed.
In its statement, Hightower said its middle- and back-office support, business consulting and collaborative community, will enable Hart to boost its growth. Hart was established in 1990 and has 12 employees, including five advisors.
The latest transaction, which is Hightower’s eighth this year, takes its collection of advisory firms to 113, covering 33 states of the US. As of September 30, Hightower's assets under administration stood at around $81.4 billion and its assets under management were $61.6 billion.
The transaction closed on October 16, 2020.
There has been a steady run of M&A in wealth management during recent months, and during the three months to end-September, deal volumes rebounded, according to figures from ECHELON Partners, the investment bank and advisory to the sector.