HighTower Takes Stake in $4.8 Billion RIA
HighTower continues its acquisition spree, most recently investing in a newly-merged California RIA, the company says.
Beverly Hills-based LourdMurray and San Diego-based Delphi Private Advisors, which have merged as part of the transaction, collectively oversee around $4.8 billion, according to a press release from HighTower.
The new entity serves affluent families, business owners, executives, institutions and professional artists and entertainers. The San Diego office will operate temporarily as LourdMurray Delphi but the entire firm will eventually use the LourdMurray name, HighTower says.
LourdMurray will tap into HighTower’s capital and middle and back-office services as it undertakes expansion, according to the press release.
"HighTower’s capital and operational support will allow us to substantially expand the capacity of our newly combined team, and provide more clients with a distinctive, high-touch approach to wealth management,” Blaine Lourd, managing partner and co-CEO of LourdMurray, says in the press release.
The recent deal is HighTower’s second in 2019, the company says. It follows the February acquisition of Green Square Wealth Management, which oversees $2.6 billion.
Private equity firm Thomas H. Lee Partners has been backing the acquisitions, HighTower says. So far, HighTower has been involved in 23 external RIA transactions and now has 98 advice groups in 33 states, according to the press release.