Strategy
HighTower Secures $100 Million Bank Lending To Finance Further Growth
HighTower has entered into a traditional bank debt facility with BMO Harris Bank and PNC Bank to fund growth.
US-headquartered HighTower has entered into a traditional bank debt facility with BMO Harris Bank and PNC Bank to fund growth in its partnership, network and alliance channels, it said yesterday. The new facility provides access to up to $100 million in commercial bank loan financing.
"HighTower's profitability has grown quickly and consistently over the past few years," said Larry Koehler, HighTower CFO.
"Securing significant bank financing reflects the strength of our business today and reinforces our vision of continued growth for tomorrow."
The firm pointed out that it has, so far this year, added four new advisor teams: RJ Wealth Management (New York) Gryphon Financial Partners (Columbus, Ohio), the Ezzell Group (Sacramento, California), and a team of three top advisors who joined Kelly Wealth Management (Hunt Valley, Maryland.).
The firm has also launched the HighTower Alliance, an entry point to its resources and infrastructure, with Memphis-based Gavion Partners as its first member.
