Hightower, the Chicago-based registered investment advisor with interests in 111 advisory business, has taken a stake in Stearns Financial Group, a $1.3 billion RIA in North Carolina. The Stearns deal is Hightower's sixth transaction so far this year.
Stearns was established in 1991 and has offices in Chapel Hill and Greensboro, North Carolina. It has 32 employees, including 12 advisers.
The transaction, the details of which were not disclosed, is expected to close by the fourth quarter.
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The plan could offer $24,000 in relief for some taxpayers, but experts warn of consequences.
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Commentary from state-owned publication blasts sale to investor consortium as "spineless groveling," denting Hong Kong-based firm's stock.
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