A $2 billion AUM Maryland firm is the latest HighTower affiliate to go out on its own.

Partners from Kelly Wealth Management announced on Thursday that moving forward they will operate independently as Verdence Capital Partners.

The group, led by CEO Leo J. Kelly III, will be headquartered in Hunt Valley, Md., with offices in Northern Virginia, serving business owners, corporate executives, high-net-worth families and institutions.

“We have the utmost respect for our former partners at HighTower. We are grateful for their partnership in helping us move from the wirehouse world to the world of independence. They were an integral part of our firm’s growth and success,” said Kelly in released comments. “My partners and I felt it was the perfect time to establish Verdence Capital Advisors. Our new firm will provide us the opportunity to build our team of professionals, expand our offerings and stay on the leading edge of sophisticated wealth advisory services.”

Kelly says that Verdence plans to double its AUM over the next three years.

Verdence is the latest in a series of large departures from HighTower. On June 30, the Columbus, Ohio-based Gryphon Financial Partners Group parted ways to start a $1 billion AUM RIA. In 2016, Reston, Va.-based PagnatoKarp left HighTower and formed its own $2.5 billion RIA.

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