Chicago-based Hightower announced today that it has made an investment in an $800 million AUM Austin, Texas-based wealth manager.
The acquisition of Hart Financial Group becomes Hightower’s eighth transaction in 2020, according to a company press release.
"Hart Financial Group is a robust team with a strong succession lineup of advisors poised for further growth. We couldn't be more excited to provide the infrastructure, business strategy and support to power the next phase of their business development," said Bob Oros, CEO of Hightower, in released comments.
Founded in 1990, Hart’s 12 employees include five advisors focused on financial planning, asset management, risk management and tax-planning.
The transaction closed on Oct. 16. Additional details were not made available.
Hightower had $81.4 billion in assets under administration and $61.6 billion in AUM as of Sept. 30.