Salient emerged as a pure fiduciary practice in 2003 after spending more than a decade first as part of a brokerage platform, then as a hybrid firm. In 2004, the firm merged with Houston-based Pinnacle Management & Trust Co.
Salient’s Houston headquarters now becomes HighTower’s first foray into Texas’s fast-growing wealth management markets.
The transaction is expected to close in the third quarter. Additional details of the acquisition were not released on Tuesday.