Hightower Tops $100 Billion AuM

Tom Burroughes

5 August 2021

Chicago-based Hightower, which has had a run of acquisitions, was cleared to transform its Texas-based trust company into a nationally chartered trust company in June. Yesterday the firm trumpeted its achievement of surpassing $100 billion in assets under management.

As of June 30, Hightower’s AuM was $101 billion, up from $54 billion in January of 2019.

The increase comes on the back of the firm having bought 17 businesses since January 2019, 11 of which were registered investment advisory firms with assets of $1 billion or more. Hightower now has 115 advisory businesses in 34 states and the District of Columbia.

In organic terms , growth has been tracking at a rate of 9 per cent on an annualized basis, chairman and chief executive Bob Oros said.

Employee numbers have more than doubled since the start of 2019, reaching 1,120 this year compared with 530 in early 2019.

Oros joined Hightower in January 2019 and some of the subsequent growth was also fueled by Hightower’s lead investor Thomas H Lee Partners closing a secondary transaction in December 2020, providing an infusion of capital which boosted Hightower’s growth.

Looking ahead, Hightower said it will launch the Hightower National Trust Company, providing Hightower advisors with corporate and administrative personal trust services to support clients’ wealth planning needs.

As previously reported, Hightower’s greenlight by regulators to transform its Texas-based trust company into a nationally chartered entity will enable the Chicago-based firm to deepen its high net worth/ultra-HNW business offerings, catering to the complex needs that are increasingly in demand, Oros has said.