HighTower adds Beverly Hills-based RIA with $500M in assets

HighTower has acquired Acacia Wealth Advisors, a boutique multi-family office in Beverly Hills, Calif., overseeing more than $500 million in assets. The acquisition marks a record-setting first half of the year for HighTower, with eight new teams joining in 2016. It is also HighTower's fourth RIA acquisition since the firm launched its RIA line of business last year. "Our recent momentum in the RIA channel represents a strategic expansion of our business and illustrates how broadly our platform and culture resonate throughout the industry," said Michael Parker, chief development officer of HighTower in a statement. Meloni Hallock and Alev Lewis, co-founders of Acacia with more than 60 years of combined experience, will continue to lead the team as managing directors and partners, according to a statement released Wednesday. They will join HighTower's growing list of female advisers, which includes Pamela Rosenau, who was recently ranked 14th on Barron's 2016 "Top 100 Women Financial Advisors" list. Acacia Wealth Advisors at HighTower provides comprehensive investment consulting and financial planning services to entrepreneurs, business owners, high-net-worth individuals and their families.