The developments are an example of the M&A and consolidation activity that has become a marked feature of the North American wealth management sector in recent years.

Chicago-headquartered RIA Hightower has made a strategic investment in Meyer Capital Group, a $1.6 billion firm with offices in Marlton, New Jersey, and Naples, Florida.

The move is part of a series of such investments by the US-wide wealth management group, and part of a wider M&A trend affecting the sector.

With 17 employees, including 10 advisors, Meyer Capital Group serves more than 800 clients, Hightower said in a statement yesterday. 

The business is led by Thomas C Meyer, CEO and has been running since 1963. Since 1982, when Meyer took the helm of the firm, it has grown from $2 million to $1.6 billion assets under management. It serves business owners, non-profits, and high net worth individuals.

"We were looking for a partner that would support our growth while also understanding our deep roots that stem back to when my grandfather founded the business nearly six decades ago," Meyer said. "Hightower is the right fit for us.” 

Gladstone Associates, LLC served as advisor to Meyer Capital Group. The size of Hightower’s investment stake was undisclosed.

As of March 31, 2023, Hightower's assets under administration were approximately $148.2 billion, and assets under management were $119.9 billion, an increase from $113.7 billion as of December 31, 2022. Earlier in June Hightower made a strategic investment in Boston Hill Advisors, a $1 billion RIA that is based in North Andover, Massachusetts, with three offices in the state. Hightower has been busy. In early June, it invested into Vigilant Wealth Management, a firm with offices in Portland, Maine and Portsmouth, New Hampshire. (It manages around $2.3 billion in client assets.) In February it invested into Bickling Financial Services, a Lexington, Massachusetts-based registered investment advisor.