Hightower has taken a stake in Charles D. Hyman & Firm, a registered funding advisor primarily based in Ponte Vedra Seashore, Fla., with $2.3 billion in shopper belongings. That is Hightower’s second transaction this 12 months.
The RIA was based within the Nineteen Nineties by Charles D. Hyman, president of the agency. It features a five-person workforce and focuses on people, households, trusts, charitable pursuits and foundations.
“Becoming a member of Hightower will permit us so as to add further operational, regulatory, and technological infrastructure in addition to leverage an expanded set of recent wealth options and companies,” Hyman stated in an announcement.
Hightower’s companies for companies embody boosting natural and inorganic progress via enterprise improvement consulting, advertising and marketing and tech help, in addition to compliance, accounting, payroll and human sources companies.
Chicago-based Hightower operates as an RIA and works with companies in 35 states and Washington, D.C., and has $156 billion in belongings underneath administration.
Jessica Polito, founding father of Turkey Hill Administration, suggested Charles D. Hyman on the transaction.
The most recent announcement follows information in January that Hightower acquired a stake in Capital Administration Group of New York, a 38-person agency overseeing $3.3 billion from places of work in New York Metropolis and Pearl River, N.Y. In 2023, the agency introduced 12 offers.
Final month, a Massachusetts-based advisor filed swimsuit towards Hightower, accusing the agency of making an attempt to push him out of his job due to his age. Based on SEC data, Glenn Frank sued Hightower Holdings and Lexington Wealth Administration, the agency he’s labored for since 2010. (Hightower acquired the agency in 2019 by way of a strategic funding.)
Based on Frank’s criticism, over the previous few years, Hightower “has regularly ‘phased’” Frank out of working along with his shoppers to learn youthful advisors within the agency. (Frank is 69 years previous, in response to the criticism.) Hightower declined to remark, citing that it doesn’t talk about pending litigation.
Hightower is owned by personal fairness agency Thomas H. Lee Companions; in Might WealthManagement.com reported that the personal fairness agency took Hightower off the market as a result of it didn’t get the worth it was in search of from potential patrons, in response to sources near the agency and the funding bankers concerned.
In April, Hightower named Gurinder Ahluwalia, the lead director of the agency’s board of administrators, president, a newly created place. Ahluwalia is an govt accomplice in THL’s monetary expertise and companies vertical.
