HighTower CEO Bob Oros
HighTower has invested in LourdMurray, a new wealth firm that will use HighTower's technology platform, back-office services and funding.
As part of the transaction, Beverly Hills-based LourdMurray merged with Delphi Private Advisors of San Diego; the combined advisory group works with about $4.8 billion in client assets and has 34 employees.
"LourdMurray is looking to scale to the next level through acquisitions and organic growth. This transaction enables them to amplify their position in the marketplace by leveraging HighTower's investment capital, integrated IT platform, operational services and supportive advisory community," according to HighTower CEO Bob Oros, who joined the firm in January from HD Vest.
The deal is HighTower's 23rd external RIA transaction since its inception and its second in 2019. With the LourdMurray transaction, HighTower now has 98 advisory businesses in 33 states.
"Both LourdMurray and Delphi's successful practices are based on an absolute commitment to providing affluent clients with independent, client-centric wealth management," HighTower Chairman Elliot Weissbluth said in a statement.
LourdMurray's managing partners include Blaine Lourd, Palmer Murray, Michael Lee, Keith McKenzie and Darren Reinig.
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