HighTower, a financial services firm based in Chicago, has purchased Acacia Wealth Advisors, a boutique multifamily office in Los Angeles, HighTower announced Wednesday.
Acacia, which oversees more than $500 million in assets, will continue to be led by its co-founders, Meloni Hallock and Alev Lewis, who will serve as managing directors and partners of Acacia Wealth Advisors at HighTower.
The Acacia Wealth Advisors deal is HighTower's eighth transaction in 2016, the most ever by the firm in the first half of a year. It is the fourth RIA acquisition since the firm launched that line of business last year.
Acacia Wealth Advisors at HighTower provides comprehensive investment consulting and financial planning services to entrepreneurs, business owners and high-net-worth individuals and their families.