The transaction, when closed, is slated to bring about $752 million of assets to the Hightower Signature Wealth business.

Hightower Signature Wealth, the recently-created new division of Chicago-headquartered Hightower Advisors, has added another wealth management business to its collection of acquisitions. 

The latest deal concerns Sandy Cove Advisors, a Hingham, Massachusetts-based wealth management firm with about $752 million in assets under management. This is HTSW’s third external acquisition this year. 

The transaction, for an undisclosed sum, is expected to close at the end of the third quarter and will bring HTSW’s total assets under management to more than $40 billion. Sandy Cove was advised in the transaction by Richard Adler with Red Arrow Capital, LLC.

Sandy Cove was founded by president and chief wealth strategist Deirdre Prescott, who led the firm alongside chief investment officer Kate Saltonstall, CFA.

The practice works with clients as well as their tax and legal professional advisors to coordinate investment, estate, tax and financial planning decisions. It has a particular focus on family legacy planning and significant life transitions, including divorce.

HTSW features a centralized brand, investment platform and middle-and-back office services for advisors who sign on. Private equity firm Thomas H Lee Partners has been Hightower’s majority owner since 2017 and has been an important contributor to recent strategy. Our US correspondent analyzed developments here.

Hightower unveiled a series of leadership changes last week.