The Chicago-based business has acquired a firm in its home town, starting off the new year with a deal that continues the M&A momentum seen in 2021.

Chicago-based Hightower has bought TC Wealth Partners, a wealth management, trust and retirement plan services company based in Chicago and Downers Grove, Illinois, holding about $1.65 billion of client money.

The business, founded in 1993, caters to high net worth individuals, families, business owners and institutions. It has more than 800 clients across the US and a total of 30 staff. TC Wealth is led by William Griffin, its chief executive. The five-person management team will remain in their leadership roles, Hightower said in a statement yesterday.

The financial terms of the deal were not disclosed. TC Wealth Partners was advised by Cambridge International Partners.

The acquisition continues a run of deals made by Hightower over the past year, contributing to a bumper M&A era in North American wealth management (see today’s lead article by regular FWR correspondent Charles Paikert).

As part of the transaction, Hightower has also acquired Trust Company of Illinois, a TC Wealth subsidiary, which delivers trust and estate planning, administration, guardianship, executor and co-executor services and retirement plan services. 

“TC Wealth is a highly successful business with long-standing clients and deep expertise in financial planning, investment management, trust, fiduciary and retirement plan advisory services,” Hightower chairman and CEO Bob Oros said. “The group has a strong footprint in the greater Midwest, with significant potential to scale nationally.”

Hightower offers its 122 advisory businesses in 34 states and the District of Columbia a range of services. As of September 30, 2021, Hightower's assets under administration were about $132.2 billion and its assets under management were $104.1 billion.