HighTower has made what it calls a 'significant' strategic investment in Lexington Wealth Management, an RIA based in Lexington, Mass., that has $1 billion in assets under advisement.
Lexington, founded in 2000 by Michael Tucci and Kristine Porcaro, has 17 employees, including 11 advisers.
The transaction is HighTower's third for the year. Including Lexington, HighTower now has 99 advisory businesses in 33 states, with advisers overseeing approximately $70.3 billion in total client assets.
HighTower is backed by Boston-based private-equity firm Thomas H. Lee Partners, which is providing funding for the company to make strategic investments and acquisitions in the RIA business, expand the firm's services to advisers and advance growth.
[Recommended video: Deploying fintech to improve the client experience and prevent fraud]