Hightower Makes First 2024 Acquisition

Editorial Staff

7 February 2024

Hightower kicked off its New Year deal activity by making a strategic investment in Capital Management Group of New York, a firm overseeing $3.3 billion of assets. CMG has offices in New York City and Pearl River, New York.

The financial terms weren’t disclosed by Hightower yesterday.

Chicago-headquartered Hightower is one of the more active M&A players in the US market, inking 12 transactions in 2023.

CMG – founded in 1992 – has 38 team members, including six partners who are co-owners and six other advisors. Previously affiliated with an independent broker-dealer, CMG is now part of Hightower.

CMG is the fifth wealth manager formerly affiliated with an independent broker-dealer in which Hightower has made a strategic investment, Hightower said in a statement.

Spanning the US, Hightower’s group of firms comprises 138 advisory businesses in 35 states and the District of Columbia. As of September 30, 2023, Hightower had about $131 billion of assets under management.

CMG was advised by William Blair & Company.