Hightower to become majority owner of $1.66T firm NEPC

Hightower to become majority owner of $1.66T firm NEPC
Bob Oros, chairman and CEO of Hightower.
The leading RIA's combination with the Boston-based OCIO giant is projected to represent $1.8T in AUA and $258B in AUM.
OCT 21, 2024

Hightower, one of the largest RIAs in the US, announced a deal to acquire a majority stake in NEPC, a Boston-based investment consulting and OCIO firm.

The deal is intended to enhance Hightower’s offerings for private wealth investors by giving them greater access to institutional-level investment research and alternative asset strategies.

NEPC, which advises institutional clients and ultra-high-net-worth families, reportedly manages over $1.66 trillion in assets and serves more than 400 clients globally. The partnership is expected to strengthen both firms' capabilities, particularly in providing research-driven, private market investment solutions to wealth management clients.

Together, Hightower and NEPC will manage more than $1.8 trillion in assets under advisement and $258 billion in assets under management.

In a statement commenting on the deal, Bob Oros, chairman and CEO of Hightower, highlighted the transformative and synergistic benefits of the deal.

“This is a transformational combination that highlights the future of financial services and wealth management. We create a stronger whole by maintaining our company identities and deploying our strengths together.”

He also emphasized that Hightower advisors will benefit from expanded investment opportunities as a result of the partnership.

Mike Manning, NEPC’s managing partner, who will join Hightower’s board of directors upon the deal's close, added that the partnership aligns with NEPC’s long-term goals.

“Hightower represents the ideal partner for us, as we leverage the strong growth of our current clients and continue our expansion into the private wealth market,” said Manning.

He stressed that NEPC will retain its culture and processes, ensuring continuity for clients while benefiting from the collaboration.

Hightower's deal for NEPC comes in the wake of another strategic investment it made in September, which added Florida-based Charles D. Hyman & Company and its $2.3 billion in AUM to the Hightower enterprise.

Earlier this year, the RIA with $131 billion in registered assets tapped AssetMark's ex-CEO Gurinder Ahluwalia as its new president, according to a Form ADV filing.

Latest News

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

Trump executive order set to ease path for private assets in 401(k)s, but hurdles remain
Trump executive order set to ease path for private assets in 401(k)s, but hurdles remain

A new PitchBook analysis unpacks sticking points relating to liquidity, costs, and litigation risk for would-be investors and plan sponsors.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

Vestmark, BlackRock, iCapital, and Dynasty forge four-way private market partnership
Vestmark, BlackRock, iCapital, and Dynasty forge four-way private market partnership

The collaboration will give RIAs yet another access point into the alternatives space through a new unified managed account capability.

DeVoe: Record-breaking RIA M&A run led by private equity's consolidator comeback
DeVoe: Record-breaking RIA M&A run led by private equity's consolidator comeback

A drop in interest rates and easier access to capital has reignited appetite among private equity-backed consolidators, who accounted for 53% of RIA deals so far this year- their highest share since 2021 according to DeVoe & Company.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.