HighTower has purchased a stake in a registered investment advisory firm, the company said Thursday. It's the first deal HighTower has done with an RIA since Bob Oros became the chief executive of the company.
Terms of the deal between the consolidator and the Memphis, Tenn.-based firm that manages $2.6 billion were not disclosed.
Green Square Wealth Management was recently founded by Darrell Horn, a former senior managing director and the co-founder of Green Square Capital. Partnering with HighTower will enable the firm to serve more clients and enhance service to the RIAs' existing ones, Horn said in a statement.
Horn founded Green Square Capital after leaving Goldman Sachs, where he helped construct investment portfolios and develop strategies for ultra-high-net-worth families and family offices.
HighTower now has an ownership stake in 22 RIAs. There are 94 advisory firms managing approximately $68.6 billion affiliated with HighTower, according to the company. Wealth managers can also pay to use HighTower's platform, which includes support for operations, compliance and technology.
Bob Oros, the former CEO of the Blucora-owned broker/dealer HD Vest, officially took the helm of HighTower Jan. 7, after founder and CEO Elliot Weissbluth said he planned to step down and become chairman of the Chicago-based firm’s board.
Since its founding in 2007 as a turnkey landing place for so-called wirehouse brokers interested in starting their own independent RIAs, HighTower has been one of the fastest-growing firms. It sold a $100 million stake in itself to private equity firm Thomas H. Lee Partners in 2017 to accelerate the company's growth.