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.

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