Home Alts News HighTower to Buy $4.5 Billion Salient Private Client

HighTower to Buy $4.5 Billion Salient Private Client

HighTower, one of the nation's largest registered investment advisors, has agreed to acquire Salient Private Client, the Houston-based wealth management business of Salient Partners L.P. with $4.5 billion in client assets.

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HighTower, one of the nation’s largest registered investment advisors, has agreed to acquire Salient Private Client, the Houston-based wealth management business of Salient Partners L.P. with $4.5 billion in client assets.

The transaction is HighTower’s largest single-office-location acquisition to date and marks its entry into the Texas market. Following the closure of the proposed transaction, HighTower will have approximately $55 billion in client assets, and Salient Private Client will be rebranded as HighTower Private Client.

“Salient Private Client is one of the true jewels in the marketplace,” said HighTower CEO Elliot Weissbluth. “We are honored to welcome their stellar financial advisors and clients to the HighTower community and look forward to learning and sharing with them as we help change the shape of the industry.”

Salient Private Client ‘s existing trust company, Salient Trust Co. LTA, will become HighTower Trust Services, which will allow HighTower to provide trust services directly to clients. Heinrich Grobler will continue in his role as chief operating officer of the Salient Private Client team.

Salient Private Client’s principals launched the business on the Kidder Peabody and PaineWebber brokerage platforms in the late 1980s. The company transitioned from the brokerage platform to a hybrid brokerage and fiduciary model in 1998, established Salient as a pure fiduciary practice in 2003, and merged with Pinnacle Management & Trust Co the following year.

The transaction is expected to close in the third quarter of 2018, subject to regulatory approvals and other customary closing conditions.

HighTower provides comprehensive services to independent financial advisory businesses and acquires independent RIAs and wirehouse teams.

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