Hightower to Acquire $9.5B Affiliate The Bahnsen Group

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Hightower announced plans to get The Bahnsen Group, a Newport Beach, Calif.-headquartered registered concern advisor with $9.5 cardinal successful assets nether management. 

Founder and Managing Partner David Bahnsen created the steadfast arsenic a lift-out from Morgan Stanley successful April 2015, with 8 different squad members and $600 cardinal successful assets. The steadfast received transitional enactment from Hightower and opened a outer bureau successful New York City successful 2017. Since then, the steadfast has grown to astir $10 cardinal today, with 12 locations and 100 employees crossed cardinal markets successful the U.S., including New York, Nashville and Palm Beach, Fla. 

The woody is expected to adjacent successful the 3rd quarter. The Bahnsen Group volition go different hub wrong Hightower for integrating different advisory firms. It volition support its existing brand, adding “A Hightower Company” astatine the end. 

“This is simply a earthy improvement of a highly palmy partnership,” Hightower CEO Larry Restieri said successful a statement. “This adjacent signifier allows america to further align strategically and bring the afloat capabilities of Hightower to enactment their continued growth—both organically and done acquisitions.”

In a statement, Bahnsen said the woody signals his firm’s adjacent signifier of growth. 

“With deeper integration crossed Hightower, we are well-positioned to proceed investing successful our squad and pursuing some integrated maturation and strategical opportunities,” helium said.

Last June, the RIA appointed Joseph Klein, who antecedently led the firm’s household bureau division, arsenic its caller president. It was 1 of respective enactment shifts, which besides included the promotion of a main fiscal serviceman and the hiring of a caller household bureau manager to win Klein. Luis Garcia took the relation of CFO (also new) aft overseeing the firm’s operations for a year. 

Last October, Hightower announced the motorboat of Hightower Signature Wealth, its branded W-2 channel. Since then, Hightower has added respective firms representing much than $29 cardinal into that channel.