HighTower says it is buying Salient Private Client, which should add about $4.5 billion in client assets and trust services to its wealth management business.
The deal could bring HighTower's total client assets to $55 billion. It includes the largest single-office location purchase yet for the Chicago-based firm and its first presence in Texas.
"Salient Private Client is one of the true jewels in the marketplace," said HighTower CEO Elliot Weissbluth, in a statement. "We are honored to welcome their stellar financial advisors and clients to the HighTower community, and look forward to learning and sharing with them as we help change the shape of the industry."
As part of the deal, Heinrich Grobler will continue in his role as chief operating officer of the Houston-based SPC team.
