HighTower has acquired a Westport, Conn.-based RIA with $700 million in managed assets.
On Friday, the Chicago-headquartered hybrid announced its purchase of RDM Financial Group.
HighTower did not announce the terms of the acquisition, except that RDM CEO Ron Weiner will maintain his 15-person team between the firm’s Westport and Boca Raton, Fla. locations and expand into HighTower’s New York office.
While HighTower has typically concentrated on recruiting broker-dealer breakaways, RDM joins through the Independent Platform Business, which allows advisors to select their level of affiliation and the types of services they receive through HighTower in exchange for a percentage of their revenue.
With the RDM purchase, HighTower now manages approximately $30 billion in assets and employs 400 individuals across 56 teams nationally.