Hightower Advisors announced a strategic investment in Charles D. Hyman & Co., an RIA located in Ponte Vedra Beach, Florida, that had $2.3 billion in assets under management (AUM) as of June 30.
Hightower declined to specify whether it took a majority or minority stake.
Founded 30 years ago, Hyman & Co. manages assets for individuals, families, trusts, charitable interests and foundations. The firm’s five-person team has worked together for decades.
Hyman & Co. “has a strong reputation and long history of serving as trusted wealth advisors to families across generations in Ponte Vedra Beach and beyond,” said Bob Oros, Hightower CEO and Chairman.
“Those relationships, built on integrity of purpose and excellence in portfolio management over 30 years, will continue to thrive as part of our new Hightower partnership,” according to Oros.
“Joining Hightower will allow us to add additional operational, regulatory, and technological infrastructure as well as leverage an expanded set of new wealth solutions and services,” said Charles Hyman, President and Founder of Hyman & Co.
Hyman added, “We have known one another well for a long time. All of us here embrace our clients and their families with heartfelt care and a passion for the work, now and for future generations. We’re confident that we have found the right partner in Hightower.”
As of June 30, Hightower had AUM of about $156 billion. Its advisory network includes 140 advisory businesses in 35 states and the District of Columbia.
Hyman & Co. was advised by Jessica Polito, Founder of Turkey Hill Management.
In January, Hightower invested in Capital Management Group of New York, which had $3.3 billion in assets at the time.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
