Chicago-based Hightower said Tuesday it invested in RIA Lindbrook Capital, a financial planning and wealth management practice with about $3.8 billion in assets under management (AUM) and offices in Calabasas and Los Angeles, California, and New York City.
This is Hightower’s first deal of 2025 and is “closing this summer,” a company spokesperson told WSR on Wednesday.
Asked about Hightower’s deal pipeline, the spokesperson said, “We expect deal flow will be similar to last year, when we completed six strategic investments.”
Lindbrook provides customized investment management and financial planning services to affluent families, individuals, foundations and endowments, Hightower said.
The 10-person Lindbrook team is led by Managing Partners Benjamin Posen and Tyler Dritz, along with Partner Lee Samson.
“We have known the principals at Lindbrook Capital for more than a decade and are excited for them to join Hightower,” Hightower CEO and Chairman Bob Oros said in a news release. “Under the seasoned management of Ben and Tyler, the team has built an impressive business with an attractive client base that includes some of today’s top business and entertainment executives.”
“We thought long and hard about our options and determined Hightower is the right partner.”
– Benjamin Posen, Managing Partner, Lindbrook Capital
“We thought long and hard about our options and determined Hightower is the right partner,” said Posen. “We aren’t interested in being a serial acquirer and we had to preserve the culture and investment autonomy that our clients expect from Lindbrook.”
“In Hightower, we found a partner that could help us streamline non-core functions and created a path for us to be meaningfully rewarded as our clients grow along with us,” Dritz said.
Colchester Partners advised Lindbrook on the deal, while Kirkland & Ellis provided legal counsel. McDermott, Will & Emery provided legal counsel for Hightower.
The AUM of Hightower and its affiliates was about $168 billion as of Dec. 31, it said. It has a national in-house trust company and a wholly owned CPA practice. Hightower said its advisor community now includes over 140 advisory businesses in 35 states and the District of Columbia.
Julius Buchanan, Editor in Chief at Wealth Solutions Report, can be reached at julius.buchanan@wealthsolutionsreport.com.
