Hightower says it made another strategic investment in a wealth management practice.
The latest deal involves Private Vista, a firm established in 2016 that now has 34 employees, including 20 financial advisors, overseeing $1.5 billion from offices in Chicago and Oak Brook, Ill., according to a press release from Hightower. Private Vista, headed by managing director Jim Weil, caters to entrepreneurs and business owners, corporate executives, physicians, individuals undergoing a life transition and multi-generational families, and also advises on corporate retirement plans, Hightower says.
As part of the deal, whose terms the companies didn’t disclose, Private Vista promoted seven employees to partner, according to the press release.
The company looked at 20 different organizations before settling on Hightower, Hightower says.
The deal marks Hightower’s fourth this year, according to the press release. Earlier this week, Hightower invested in the $3.3 billion Dallas-based practice Frontier Investment Management. Hightower also took a stake earlier this year in Wellspring Associates, a practice with offices in Atlanta and Dallas that caters to families with assets of $5 million or more, as well as in Cincinnati-based Osborn Williams & Donohoe, which manages $1.4 billion. And last year, Hightower invested in several wealth management practices with at least $1 billion in assets.