Hightower announces layoffs after summer of deals

The cutbacks affecting roughly 5% of its employees are aimed at ensuring the long-term success of its business, Hightower says.

Chicago-based registered investment advisor Hightower is laying off approximately 5% of its staff as part of an “ongoing strategic realignment,” a company spokesperson said.

The Hightower representative added that the cutbacks were “aimed at optimizing our resources and ensuring the long-term success of our business.”

The streamlining is occurring after a year in which the serial aggregator spent a great deal of capital and energy growing both its ranks and its asset base.

In late August, Hightower firm Highland Private Wealth Management expanded its business with the acquisition of an advisor team with approximately $470 million in assets under management. Earlier that month, Fairport Wealth, a Hightower advisory business partner based in Cleveland, merged with $300 million AUM registered investment advisor firm Wealth CMT.

In February, Hightower acquired Bickling Financial Services Inc., a registered investment advisor overseeing $625 million in assets and has three offices in Massachusetts.

Hightower, which is backed by private equity giant Thomas H. Lee Partners, listed AUM of approximately $131 billion as of June 30.

“We remain confident in our financial stability and are committed to delivering exceptional service to our clients within the Hightower community as we move forward,” said the Hightower spokesperson.