HighTower, one of the nation’s largest registered investment advisory firms, has made a “strategic” investment in Lexington Wealth Management, a Lexington, Massachusetts-based advisory group with $1 billion in assets under advisement that serves entrepreneurs, executives, professionals, high-net-worth individuals and families. Financial terms were not disclosed.
Lexington is HighTower’s 24th external RIA transaction since inception and its third in 2019. Including this transaction, HighTower now has 99 advisory businesses in 33 states, and its advisors oversee approximately $70.3 billion in total client assets (as of June 30).
Founded in 2000 by Michael Tucci and Kristine Porcaro, Lexington has 17 employees, including 11 advisors, said that it plans to grow its client base and expand through acquisitions and scale the business.
Bob Oros, chief executive officer of HighTower, said “We view the addition of Lexington as a key anchor in a very attractive market. The combination of their growth orientation along with access to HighTower’s scale, sophistication and capital is a powerful formula.”
The Lexington transaction follows HighTower’s investments earlier this year in LourdMurray and Green Square Wealth Management, and, in the last two years, WealthTrust and Salient Private Client (now HighTower Texas), including Salient Private Client’s trust group.
HighTower is backed by Boston-based private equity firm Thomas H. Lee Partners, which is providing funding for the company to make investments and acquisitions in the RIA space, expand the firm’s services to advisors and advance growth.
HighTower is a wealth management firm that provides investment, financial and retirement planning services to individuals, foundations and family offices. Corporate services include 401(k) consulting and corporate cash management.