Fischer & Company, an advisory business affiliated to RIA aggregator Hightower, has agreed to merge with New York-based wealth manager Stralem & Company.

The consolidated group will operate under the name Fischer Stralem Advisors.

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The deal will add Stralem’s assets under advisement (AUA) of $280m, taking the unified group’s AUA to $800m.

Hightower chief growth officer Scott Holsopple said: “Support for inorganic growth is key part of Hightower’s business acceleration services.

“Many advisers recognise that, in addition to growing organically, they can expand their businesses through M&A to build out their offerings, add bench strength and talent to their leadership teams and streamline succession planning.”

The combined group will have staff strength of 13 including 5 advisers. They will cater to HNW and UHNW clients and institutions.

Hightower’s mergers and acquisitions team offered Fischer turnkey deal support to enable the sub-acquisition.

Fischer founder and managing partner Alan Fischer said: “This united entity brings together two highly experienced teams with closely aligned service philosophies.

“Our collective intellectual capital – combined with Hightower’s operational and strategic support – will allow us to enhance service to our clients, nurture our next generation of leaders and attract new business.”

Other investments by Hightower

In October this year, Hightower invested in Austin, Texas-based financial advisory firm Hart Financial Group, marking its eight deal this year.

In August this year, the aggregator invested in $1.7bn advisory firm Argent Wealth Management.

In the same month, it also invested in $1.3bn wealth manager Stearns Financial Group as well as backed $600m advisory firm Teak Tree Capital Management.