CHICAGO, Dec. 15, 2020 /PRNewswire/ -- Hightower today announced it has facilitated an M&A transaction for one of its advisory businesses, Fischer & Company. Fischer & Company will merge with Stralem & Company, a 54-year-old wealth management firm in New York, to create the newly combined Hightower advisory business, Fischer Stralem Advisors.
Stralem's Hirschel Abelson, Adam Abelson, and Andrea Lustig will join Fischer's Alan Fischer and David Choe as partners of Fischer Stralem Advisors. With Stralem's $280 million in assets under advisement (AUA), the merger will create total AUA of approximately $800 million for the new entity. It will have 13 employees, including 5 advisors, serving high net worth and ultra-high net worth clients and institutions.
"We are thrilled to be joining forces with the Stralem team to form Fischer Stralem Advisors. This united entity brings together two highly experienced teams with closely aligned service philosophies," said Fischer's Founder and Managing Partner Alan Fischer. "Our collective intellectual capital – combined with Hightower's operational and strategic support – will allow us to enhance service to our clients, nurture our next generation of leaders and attract new business."
Hightower's mergers and acquisitions team facilitated the sub-acquisition, providing Fischer with turnkey deal support.
"Support for inorganic growth is key part of Hightower's business acceleration services," said Hightower Chief Growth Officer Scott Holsopple. "Many advisors recognize that, in addition to growing organically, they can expand their businesses through M&A to build out their offerings, add bench strength and talent to their leadership teams and streamline succession planning. We are delighted to have played a role in helping Fischer think creatively and strategically about its partnerships and bring new talent into our advisory community."
Hightower's M&A team provides its Hightower advisors with a range of inorganic growth services, including sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources.
"For many stand-alone RIA firms, M&A is a key strategic goal, but it is difficult, risky and time-consuming to undertake on their own," said Bob Oros, CEO of Hightower. "Hightower advisors benefit from our M&A team's deep experience with identifying and evaluating opportunities, ensuring the target advisors are a good fit and seeing the transaction through from start to finish."
Including this sub-acquisition, Hightower's M&A team has completed nine M&A transactions so far in 2020, and four in 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 113 advisory businesses in 33 states, offering them services designed to catalyze and accelerate their organic and inorganic growth, including technology, compliance, accounting, payroll, human resources, investment management and marketing support. Advisory groups that partner with Hightower also gain access to capital, business development consulting, leadership and team development, economies of scale, deep industry relationships and a nationwide advisor community.
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.
Securities offered through Hightower Securities, LLC member FINRA/SIPC. Hightower Advisors, LLC is a SEC registered investment advisor.