Leading investment consultant will bolster Hightower’s access to institutional-quality investment research, alternative assets, and OCIO capabilities for the private wealth segment
CHICAGO & BOSTON, October 21, 2024–(BUSINESS WIRE)–Hightower Holding today announced that it will acquire a majority interest in NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer (“OCIO”). Combining under a common parent company will allow each organization, NEPC and Hightower Advisors (“Hightower”), one of the country’s leading RIAs, to expand their commitments to clients to deliver institutional-quality investment solutions and research-driven advice.
As more private wealth investors express interest in allocations to private market investments, NEPC’s institutional research and investment capabilities will bolster Hightower’s existing set of wealth management solutions for its advisors and their clients. With this transaction, NEPC’s clients will continue to receive investment advisory and OCIO services while creating a new growth channel in partnership with Hightower. A combined Hightower and NEPC strategically positions both firms across their target markets and adds scale and resilience. The combination of Hightower, its affiliates, and NEPC represents over $1.8T in AUA and $258B in AUM.
Similar to previous Hightower Holding investments, NEPC is expected to retain its culture, executive team, and investment process, ensuring no disruption to its existing business operations and client service. Additional enhancements to both organizations’ offerings will create new opportunities for NEPC to serve the private wealth channel. As part of the transaction, NEPC Managing Partner Mike Manning will join the Hightower Board of Directors upon closing.
“This is a transformational combination that highlights the future of financial services and wealth management. Our relationship with NEPC stemmed from the exciting and distinctive opportunity that both businesses can offer the private wealth market when combined,” said Bob Oros, Chairman & CEO at Hightower Holding. “We create a stronger whole by maintaining our company identities and deploying our strengths together. In partnership with NEPC, Hightower advisor practices will have expanded access to investment management solutions, research capabilities, and a compelling set of investment opportunities. We are excited to embark on this journey alongside NEPC and support their future growth in their current markets and new ones.”
“Since NEPC’s founding, our top priority has been to provide clients with pioneering investment solutions and consulting,” said Michael Manning, Managing Partner at NEPC. “Today’s announcement is a continuation of this commitment. 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, all while preserving the strong culture and investment solutions that our clients trust and rely upon. We are confident that our firm is strategically positioned for the future alongside Hightower, enabling us to deliver conviction and quality counsel to assist our clients in achieving their optimal outcomes.”
In the transaction, NEPC was advised by Moelis & Company LLC and Goodwin Procter, LLP provided legal counsel. Hightower Holding engaged Berkshire Global Advisors to provide industry research on the institutional investment consulting and OCIO industry and Kirkland & Ellis, LLP provided legal counsel.
About NEPC, LLC
NEPC is a global investment consultant, private wealth advisor, and OCIO provider serving over 400 retainer clients and more than $1.66 trillion in total assets. Combining a proprietary investment team dedicated to the long-term challenges facing investors with our client-centric model, Boston-based NEPC builds forward-looking investment portfolios for institutional investors and ultra-high-net-worth individuals and families. To learn more visit nepc.com.
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.
Securities offered through Hightower Securities, LLC member FINRA/SIPC. Hightower Advisors, LLC is a SEC registered investment advisor.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021105399/en/
Contacts
Media Contacts
Prosek Partners for NEPC
Alex Hinson
ahinson@prosek.com
646-818-9072
Magnitude, Inc. for Hightower Advisors
Daniel Delson
Daniel@magnitude-growth.com
917-328-9337
