Hightower Advisors, a Chicago-based aggregator of registered investment advisors, has taken a stake in TEN Capital Wealth Advisors, a wealth management firm with offices in Spokane and Seattle, Washington, that oversees $1 billion in assets.
Hightower described TEN Capital as one of the fastest-growing firms in the Pacific Northwest and said the firm plans to increase its footprint in the region.
Tim Mitrovich founded Ten Capital in 2012. The team is led by Mitrovich as CEO and president Jacob Timm.
"We conducted an extensive search to find the right firm that would support our growth with a strong platform; a firm that also understood how important it was to maintain our special client experience," Mitrovich said in a statement.
Timm added that Hightower was chosen for its "incredible suite of value-added services, particularly business owners support, who are a large component of our practice."
The law firm Alston & Bird and consultant Brett Zaniewski served as TEN Capital’s consultants on the transaction.
The investment in TEN Capital was Hightower’s fourth transaction this year. Terms were not disclosed.
Hightower had $119.9 billion in assets under management and $148.2 billion in assets under administration as of March 31, according to the statement.
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