Hightower, a wealth management firm headquartered in Chicago, has made a strategic investment in Osborn Williams & Donohoe, a Cincinnati-based advisory group managing $1.4 billion in client assets, the company announced today in a press release.

Details of the transaction were not disclosed.

Osborn Williams & Donohoe is Hightower’s second transaction in 2020. Earlier ths year, Hightower made a strategic investment in Wellspring Associates, a boutique wealth planning and consulting firm with offices in Atlanta and Dallas that serves high-net-worth families and individuals. Including its latest transaction with Osborn Williams & Donohoe, Hightower now has 107 advisory businesses in 34 states.

Founded in 2012, Osborn Williams & Donohoe has 15 employees, including five advisors, and works with families and individuals including family business owners and corporate executives. The team also serves trust and estate beneficiaries, trustees and executors, and private endowments and foundations.

“Hightower’s business model, operational services, capital and community were important factors in our decision to join the firm,” David Osborn, president of Osborn Williams & Donohoe, said in the press release. “We’re excited to leverage Hightower’s support (so we can) focus on what’s truly important – serving our clients and growing our practice.”

Hightower’s capital services, middle- and back-office support and business development consulting will enable Osborn Williams & Donohoe to grow both organically and inorganically, according to Hightower CEO Bob Oros.

“From its focus on client wellness to its independent-minded approach to wealth management, Osborn Williams & Donohoe is a great fit for Hightower,” he said in the press release.

As of Dec. 31, Hightower's assets under administration (AUA) were about $76.8 billion and its assets under management (AUM) were $57.4 billion. The company grew 9.6% organically in 2019, up from 8% in 2018. 

Cambridge International Partners advised Osborn Williams & Donohoe in the transaction, which is expected to close in the third quarter of 2020, subject to regulatory approvals and other customary closing conditions.