Hightower has taken a stake in Charles D. Hyman & Company, a registered investment adviser based in Ponte Vedra Beach, Fla., with $2.3 billion in client assets. This is Hightower's second transaction this year.
RIA was founded in the 1990s by Charles D. Hyman, the firm's president. It comprises a team of five and focuses on individuals, families, trusts, charitable interests and foundations.
“Joining Hightower will allow us to add additional operational, regulatory and technology infrastructure, as well as leverage an expanded set of new wealth solutions and services,” Hyman said in a statement.
Hightower's services to firms include driving organic and inorganic growth through business development consulting, marketing and technology support, as well as compliance, accounting, payroll and human resources services.
Chicago-based Hightower operates as an RIA and works with firms in 35 states and Washington, DC, and has $156 billion in assets under management.
Jessica Polito, founder of Turkey Hill Management, advised Charles D. Hyman on the transaction.
The latest announcement follows news in January that Hightower acquired a stake in Capital Management Group of New York, a 38-person firm overseeing $3.3 billion from offices in New York City and Pearl River, NY In 2023, the firm announced 12 deals.
Last month, a Massachusetts-based consultant filed suit against Hightoweraccusing the firm of trying to fire him because of his age. According to SEC filings, Glenn Frank sued Hightower Holdings and Lexington Wealth Management, the firm he has worked for since 2010.Hightower bought the firm in 2019 through a strategic investment.)
According to Frank's complaint, over the past several years, Hightower has “repeatedly 'phased out'” Frank from working with his clients to benefit younger advisers at the firm. (Frank is 69, according to the complaint.) Hightower declined to comment, citing that he does not discuss pending litigation.
Hightower is owned by private equity firm Thomas H. Lee Partners; in May WealthManagement.com reported that the private equity firm took Hightower off the market because did not receive the award according to sources close to the firm and the investment bankers involved, it was sought after by potential buyers.
In April, Hightower named Gurinder Ahluwaliachief executive of the firm's board of directors, president, a newly created position. Ahluwalia is an executive partner in THL's financial technology and services vertical.