HighTower has agreed to acquire Salient Private Client (SPC), the wealth management division of Salient Partners, for an undisclosed sum.
Houston-based SPC offers fiduciary trust, financial planning, wealth management, family office and private investment services.
The transaction marks HighTower’s foray into Texas and is the firm’s largest single-office-location acquisition. The deal will increase its client assets to around $55bn.
The acquired entity will be renamed as HighTower Private Client as part of the deal.
The deal is expected to be completed in the third quarter of this year, subject to regulatory nod.
HighTower CEO Elliot Weissbluth said: “Salient Private Client is one of the true jewels in the marketplace. We are honoured to welcome their stellar financial advisers and clients to the HighTower community, and look forward to learning and sharing with them as we help change the shape of the industry.”
SPC’s roots go back to the 1980s when it was launched on the Kidder Peabody and PaineWebber brokerage platforms. In 1998, the business adopted a hybrid brokerage and fiduciary model under the Redstone brand.
The business was launched as a pure fiduciary practice in 2003 and the next year it merged with Pinnacle Management & Trust founded by Stephen Reckling and Stephen Strake. Reckling and Strake will continue to work with the organisation following the acquisition.
Salient chairman and CEO John Blaisdell said: “Over the past 15 years, Salient Private Client has proven to be the premier solution for ultra-high-net-worth individuals, family office services and in-house trust capabilities in Texas and surrounding areas. HighTower is the right partner to extend our footprint and resources across Texas and to the rest of the U.S.”