HighTower in talks to acquire 10 WealthTrust RIAs

Chicago-based jumbo RIA HighTower could add an additional $6.4 billion in assets under management if a deal goes through to acquire most of WealthTrust, a Houston, Texas-based affiliation of RIA firms. According to a report in The Wall Street Journal, HighTower has been discussing an acquisition of 10 of WealthTrust's 12 RIAs from private-equity firm Lee Equity Partners for about $70 million. Lee Equity has held a stake in WealthTrust since 2012. If a deal were to be completed, it could bring HighTower's assets under management to more than $46 billion. The firm, which was formed in 2007, currently has 59 offices in 27 states, as well as 202 financial advisers. WealthTrust has affiliate RIAs in Arizona, Illinois, Kentucky, Missouri, New Mexico, Ohio, Pennsylvania, Texas, Tennessee and Virginia.