Hightower has made a strategic investment in a Florida wealth management practice that managed $2.3 billion in assets as of the end of June, according to a press release.
The Chicago-based RIA aggregator announced that it has invested in Charles D. Hyman & Company, a five-person outfit in Ponte Verde that’s been advising individuals, families, trusts, charitable interests and foundations through a “relationship-driven approach” for 30 years.
Hightower didn’t disclose financial details of the deal.
“Joining Hightower will allow us to add additional operational, regulatory, and technological infrastructure as well as leverage an expanded set of new wealth solutions and services,” Charles Hyman, president and founder of his namesake firm, said in a statement. “All of us here embrace our clients and their families with heartfelt care and a passion for the work, now and for future generations. We’re confident that we have found the right partner in Hightower.”
Hightower Chairman and CEO Bob Oros lauded Charles D. Hyman & Company’s “strong reputation” and many years serving as “trusted wealth advisors to families across generations.”
“Those relationships, built on integrity of purpose and excellence in portfolio management over 30 years, will continue to thrive as part of our new Hightower partnership,” Oros said in a prepared statement. “As Chuck and the team look to the future, I am delighted to welcome them to the Hightower community.”
Hightower’s other notable strategic investment this year came in January, when the RIA announced a partnership with Capital Management Group of New York, a $3.3 billion firm with offices in New York City and Pearl River, N.Y. Hightower now boasts an advisor community of 140 advisory businesses in 35 states and the District of Columbia and reported assets under management of about $156 billion at the end of June.