Hightower has acquired an undisclosed stake in New York-focused registered investment adviser (RIA) Altium Wealth Management following a strategic investment in the firm.
The size of the investment was not revealed.
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Altium, which oversees $2.7bn in assets, provides wealth management and advisory services for high and ultra-high-net-worth clients and their families.
The firm delivers risk-based portfolios through its consulting and proprietary direct indexing solution to customers.
Founded in 2010, Altium has a team of 39 employees, including 18 advisers.
The deal provides Hightower access to Altium’s direct indexing solution, which will allow it to create customised portfolios based on tax objectives and investment preferences of the clients.
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By GlobalDataThe direct-indexing tools will be part of Hightower’s investment solutions that enables advisors to complement their portfolio construction.
Hightower chairman and CEO Bob Oros said: “We are excited to leverage Altium’s specialised portfolio customisation capabilities and make them available to Hightower advisors and clients while, at the same time, supporting the Altium team in attracting new client relationships and scaling.”
The partnership with Hightower will support Altium’s efforts to expand the business inorganically and bolster its customer base in the northeast US.
Altium co-founder Jim Dowling said: “Over the past 12 years we have developed a business model solving for what we would want as clients ourselves. Our inherent motivation to be disruptors in the industry paired with the clients that we are fortunate to serve has driven our success, yet we recognise that we would benefit from greater operational support and scale.
“Hightower provides that support with business consulting, marketing and other meaningful value-added services to help us expand and enhance our wealth management offerings.”
Last December, Hightower agreed to invest in Wichita-based $1.8bn wealth management firm 6 Meridian.
