Hightower Gets More Funding From Thomas H. Lee Partners

THL Managing Director Ganesh Rao said in a statement that "Hightower's innovation and leadership have changed the way advisors and clients view the financial advice industry."

He added that the additional capital will allow the financial services firm to "expand its institutional-class services to catalyze organic growth, while at the same time fueling the firm's RIA acquisition strategy."

Hightower has been on a buying binge, announcing eight M&A transactions in 2020 after four in 2019. As of Sept. 30, 2020, the firm has $81.4 billion in assets under administration and $61.6 billion in assets under management.

The other fund investors were equally pleased with the THL move. Ben Perl, managing director at Neuberger Berman said in the statement that his firm views Hightower "as a market leader with a differentiated strategy and unrelenting focus on its clients. Through this transaction, we have been able to provide THL and Hightower's management team access to additional capital and the time necessary to drive additional long-term creation."

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