HighTower has snapped up Los Angeles-based boutique multi-family office Acacia Wealth Advisors, which manages over $500m in assets.
The family office will continue to be headed by co-founders Meloni Hallock and Alev Lewis. The two will now serve as managing directors and partners of Acacia Wealth Advisors at HighTower.
At HighTower, Acacia Wealth Advisors will offer investment consulting and financial planning services to entrepreneurs, business owners, high-net-worth individuals as well as their families.
HighTower CEO Elliot Weissbluth said: "Meloni and Alev bring to HighTower a distinguished RIA business with a long tradition of excellence. Acacia Wealth Advisors exemplifies the caliber of business that we are thrilled to welcome to our community."
The latest deal represents HighTower’s 8th transition in 2016, and its 4th RIA acquisition since the firm set up the business line last year.
HighTower chief development officer Michael Parker added: "HighTower supports elite advisors with a variety of backgrounds — from wirehouses to independent practices. Our recent momentum in the RIA channel represents a strategic expansion of our business and illustrates how broadly our platform and culture resonate throughout the industry."