HighTower Acquires $4.5B Wealth Unit
Salient Private Client, which is being rebranded as HighTower Private Client, had $3.4 billion in assets under management and $1.1 billion in assets under advisement as of the end of March, HighTower says. Salient works with ultra high net worth individuals and family offices in Texas and surrounding areas, according to Salient chairman and CEO John Blaisdell.
"HighTower is the right partner to extend our footprint and resources acrossTexasand to the rest of the U.S.,” Blaisdell says in the press release.
In addition to the Salient Private Client acquisition, Salient Trust Co., SPC’s current trust company, will be rebranded as HighTower Trust Services, HighTower says. The transaction is expected to close in the third quarter pending regulatory approval, according to the press release.
Salient is the largest single-office-location acquisition for HighTower and represents the RIA’s entry into Texas, according to the press release. With the Salient Trust addition, HighTower will now also be able to offer trust services directly, the company says. The addition of SPC brings HighTower’s assets under management to around $55 billion, according to the press release.
The deal comes on the heals of “record-setting” growth for HightTower in 2017, the company says. In February, founder and chief executive Elliot Weissbluth said the company plans to continue growing by acquisitions, expansion of its service offerings and luring wirehouse breakaways and RIAs.