The strategic stake adds to a run of acquisitions and moves by Hightower in recent months, and is the firm's fourth such transaction this year, taking its total businesses to 109 in 33 US states.

Chicago-based Hightower has made a “strategic investment” in Private Vista, a $1.5 billion wealth management business with offices in Chicago and Oak Brook, Illinois.

The advisory practice, which provides financial planning and investment management services, will use Hightower’s middle- and back-office support and business growth consulting to expand its services to new and existing clients.

Private Vista was established in 2016 with the merger of two advisory businesses and has 34 employees, including 20 advisors, serving entrepreneurs and business owners, corporate executives, physicians, individuals undergoing a life transition and multi-generational families. The practice also advises on corporate retirement plans. 

In conjunction with the transaction, Private Vista was able to promote seven employees to partner level, as part of its growth strategy.

Private Vista is Hightower's fourth transaction in 2020. Including this transaction, Hightower now has 109 advisory businesses in 33 states.

In the transaction, Private Vista was advised by Cambridge International Partners. The transaction is expected to close in the third quarter of 2020, subject to regulatory approvals and other customary closing conditions.

Financial terms weren’t disclosed.