Hightower Invests in $600M Texas RIA

For the tie-up, Hightower will supply Teak Tree with middle- and back-office operations, technology, business development and other services, Oros added. 

As of June 30, 2020, the RIA aggregator has about $57 billion in assets under management and $76 billion in  assets under administration.

Related: Coming Soon at Hightower: More Strategic Investments in RIAs

Stephen Kaye, co-founder and partner at Teak Tree, says that he and co-founder Adam Deem "aren't going anywhere anytime soon, but we have taken a big step toward making sure our clients will be OK for the long term." 

The group "told our clients in a recent letter that Teak Tree has gone from a child to an adult, and Hightower will attend to many of the needs of a mature business. This is the right time to join with Hightower," Kaye added.

Related on ThinkAdvisor:

• Hightower's Stephanie Link: Work Hard and Don't Burn Bridges
• Salesforce Buys Stake in Hearsay, 'Doubling Down' on Financial Services
• Hightower Expects 'Material Revision' to $1.2M Set Aside for 529 Plan Overcharges