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Hightower Advisors, a Chicago-based serial acquirer of registered funding advisor corporations, introduced Monday that it has taken a stake in Spokane, Washington–primarily based RIA Ten Capital Wealth Advisors.
Ten Capital, based in 2012 by Tim Mitrovich, oversees about $1 billion in consumer belongings and likewise has an workplace in Seattle, in response to Hightower. Mitrovich’s agency, named for his grandfather’s soccer jersey quantity, serves shoppers together with enterprise house owners, executives and multigenerational households, the corporate mentioned.
“We performed an in depth search to seek out the best agency that might help our progress with a robust platform; a agency that additionally understood how essential it was to take care of our particular consumer expertise,” Mitrovich mentioned in an announcement on his agency’s option to do a take care of Hightower.
Hightower didn’t disclose the monetary phrases of the deal, together with the scale of its stake in Ten Capital.
“We’re excited to companion with a agency centered on each legacy and forward-thinking progress,” Hightower Chairman and Chief Government Officer Bob Oros mentioned in an announcement.
Hightower has stayed busy making direct investments in RIAs, in addition to facilitating sub-acquisitions for corporations it has acquired.
In February, it took a stake in Lexington, Massachusetts–primarily based RIA Bickling Monetary Companies, overseeing about $625 million in consumer belongings. Earlier that month, Hightower subsidiary TC Wealth Companions — which was acquired by Hightower in January 2022 — acquired EFG Advisors, which oversaw about $800 million in consumer belongings.
Hightower as of the tip of March tallied $119.9 billion in belongings underneath administration, a rise from $113.7 billion counted on the finish of final yr.
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