Hightower, a leading buyer and aggregator of registered investment advisers, on Tuesday morning said it had acquired a piece of Alexandria Capital, a registered investment adviser with $1.5 billion in client assets. So far, Hightower has announced a half dozen deals for RIAs in 2021, which continues to see a surge of buying of RIAs from various kinds of acquirers.
Hightower did not say what percentage of Alexandria Capital it was acquiring, calling the deal a "strategic investment" in a press release.
RIA aggregators like Hightower have a variety of ways to buy or invest in another firm, from an outright purchase and takeover to a minority investment closer to a partnership.
Founded in 1987, Alexandria Capital is led by CEO Augustine Hong and chief investment officer Jonathan Ferguson.
"The transaction involved cash and equity," wrote CEO Bob Oros in an email. "Hightower prides itself in flexibly partnering with our wealth adviser principals to reward industry-leading growth."
At the end of June, Hightower's assets under administration were approximately $125.2 billion, and its assets under management were $101 billion, according to the company.
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