CHICAGO, Jan. 4, 2021 /PRNewswire/ -- Hightower today
announced that it has acquired Bel Air Investment Advisors LLC from
Fiera Capital Corporation (TSX: FSZ). Bel
Air, with US$8 billion in
assets under management (AUM), is based in Los Angeles and provides customized wealth
management services and investment solutions exclusively to
ultra-high net worth individuals, families, trusts and foundations
with $20 million or more in
investable assets. This is Hightower's largest acquisition in its
12-year history.
Bel Air has 43 employees,
including ten advisors who focus on bringing objectivity,
comprehensive knowledge, and integrated experience to protect and
preserve client wealth. Founded in 1997, Bel Air was acquired by Montreal-based Fiera Capital, a public company
in 2013. Bel Air's move to
Hightower, a privately held company, returns the firm to private
ownership, with Bel Air's founders
and leaders in key roles with equity in the company.
Bel Air Chairman Todd Morgan
began his career at Goldman, Sachs & Co. in Los Angeles. After co-founding Bel Air, he oversaw the growth of the
firm, now recognized as one of the nation's largest independent
advisory businesses for the ultra-high net worth segment of the
private wealth market.
"Bel Air is a successful,
multi-generational wealth management business led by a group of
highly talented and experienced advisors," said Bob Oros, CEO of Hightower. "We are honored to
be welcoming Bel Air to Hightower
and look forward to collaborating with the team and providing
access to our strategic consulting services, which focus on organic
growth and talent development, as well as offering additional scale
through our middle- and back-office capabilities."
"As pioneers of the independent wealth management model, we are
excited to have Hightower as our strategic partner as we continue
to innovate and serve the needs and interests of wealthy
individuals, families and foundations," said David Sadkin, President of Bel Air Investment
Advisors. "Joining Hightower will enable us to continue to operate
and build our platform while leveraging the firm's strategic
advice, scale, technology, and infrastructure. This will allow
Bel Air advisors to fully focus on
providing distinctive investment advice and services to our
clients."
Including Bel Air Investment Advisors, Hightower's M&A team
has completed 14 M&A transactions
since early 2019. As of Sept. 30,
2020, Hightower's assets under administration (AUA) were
approximately $81.4 billion and its
AUM was $61.6 billion. Hightower has
114 advisory businesses in 33 states.
"Hightower shares our philosophy of placing clients' interests
first and providing them with comprehensive, transparent advice,"
said Bel Air's Morgan. "As we grow
Bel Air, we will look to share our
culture and vision and continue to grow our presence in
California and across the country,
and welcome Hightower's commitment to invest the resources needed
to expand the Bel Air
platform."
In the transaction, RBC Capital Markets and Stifel
GMP served as financial advisors to Fiera Capital while also
assisting Bel Air management in
structuring the Hightower partnership.
About Hightower
Hightower is a wealth management firm
that provides investment, financial and retirement planning
services to individuals, foundations and family offices, as well as
401(k) consulting and cash management services to corporations.
Hightower's capital solutions, operational support services, size
and scale empower its vibrant community of independent-minded
wealth advisors to grow their businesses and help their clients
achieve their vision of "well-th. rebalanced." Based
in Chicago with advisors across the U.S., the firm
operates as a registered investment advisor (RIA). Learn more about
Hightower's collaborative business model
at www.hightoweradvisors.com.
About Bel Air Investment Advisors
Established in 1997,
Bel Air Investment Advisors LLC is a prominent wealth management
advisory firm, providing financial advisory, asset and investment
management services to exclusively high net worth individuals,
families, trusts and foundations with $20
million or more in investable assets. Headquartered in
Los Angeles, Calif., Bel Air services over 300 families across
the United States and oversees
more than $8 billion in assets,
including private foundation relationships. Known for its
philanthropic leadership in the community, Bel Air's professionals serve on a variety of
charitable boards. For more information,
visit www.belair-llc.com.
Securities offered through Hightower Securities, LLC member
FINRA/SIPC. Hightower Advisors, LLC is a SEC registered investment
advisor.
Media Contacts:
For Hightower
Patty Buchanan
JConnelly
(973) 567-9415
pbuchanan@jconnelly.com
For Bel Air Investment Advisors
Stefan Pollack
The Pollack Group
(310) 780–2364
stefan@pollackgroup.com
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SOURCE Hightower