Hightower Signature to Acquire $3.2B Lexington Wealth Management
Hightower Advisors, the Chicago-based registered investment advisor with $352 billion in client assets, has agreed to acquire Lexington Wealth Management, which will join Hightower Signature Wealth, the branded W-2 channel it launched in October.
Lexington adds about $3.2 billion in assets under management, bringing Hightower Signature Wealth’s AUM to more than $29 billion across more than 25 locations once the deal closes.
Hightower made a strategic investment in Lexington in 2019. The Lexington, Mass.-headquartered RIA includes a team of 25, including 16 advisors, and operates under a team-based model.
“Lexington is representative of the advisors we intentionally look to bring to HTSW – those with a clear client focus and a desire to grow within a more integrated model,” Hightower CEO Larry Restieri said in a statement. “As we scale the practice, we are dedicated to enhancing how advisors operate and delivering a more seamless, comprehensive experience for clients.”
This follows news in March that Hightower Signature made its first external acquisition, with Journey Strategic Wealth, an RIA with $5 billion in AUM. In January, Hightower announced it had added five advisory practices to the division from its own network.
Hightower is majority-owned by Thomas H. Lee Partners, which first invested in the firm in 2018 and then recapitalized it with other investors in 2020.