Hightower Holdings is buying a majority stake in the institutional investment consulting firm NEPC.
Combining under a common parent company will allow NEPC and Hightower Advisors, the national registered investment advisor firm, to deliver institutional-quality investment solutions and research-driven advice to their shared clients.
In total, the combination of Hightower, its affiliates and NEPC represents over $1.8 trillion in assets under advisement and $258 billion in directly managed assets. At the time of the announcement, NEPC serves over 400 retainer clients and supports more than $1.66 trillion in total assets.
With the transaction, NEPC's clients will continue to receive investment advisory and outsourced chief investment officer services. The two organizations will continue to maintain their brands following the acquisition, with no significant changes expected to their respective teams and operations.
"This is a transformational combination that highlights the future of financial services and wealth management," said Bob Oros, chairman and CEO of Hightower Holding, in a statement. "We create a stronger whole by maintaining our company identities and deploying our strengths together."
