HighTower invests in $4.8 billion California advice firm

Chicago-based HighTower announced an investment Monday in LourdMurray, a Beverly Hills, Calif.-based advisory firm that manages $4.8 billion as a result of its own recent merger with San Diego, Calif-based Delphi Private Advisors.

The merger deal was part of the investment transaction, HighTower said in a statement.

The expanded advisory firm, which will operate under the LourdMurray name, has 34 employees in Beverly Hills, San Diego and Baton Rouge, La.

HighTower now has completed 98 advisory transactions in 33 states, according to the firm.