HighTower announced that Green Square Wealth Management, a fee-only investment advisor and multi-family office headquartered in Memphis, Tenn., will join HighTower’s growing community of partner firms.
With approximately $2.6 billion in client assets, Green Square Wealth Management serves ultra-high net worth families and institutional investors across the United States. Through its relationship with HighTower, Green Square Wealth Management will gain access to HighTower’s operational support and technology to allow it to enhance its services for new and existing clients.
Green Square Wealth Management is a newly formed advisory firm founded by Darrell Horn earlier this year. Mr. Horn was formerly the Senior Managing Director and co-founder of Green Square Capital, established in 2001 after his departure from Goldman Sachs.
“Darrell and his team have built a distinctive wealth-management, family-office and investment-advisory offering for ultra-high net worth entrepreneurs and their families, as well as institutions. We are honored that they have chosen HighTower to help scale their business,” said HighTower CEO Bob Oros.
“Partnering with HighTower will allow us to reallocate our resources to serving new and existing clients, while shifting the middle and back-office work to HighTower. This will allow us to continue to provide impeccable client service and maintain our growth trajectory in a more efficient way,” said Mr. Horn. “Thanks to HighTower’s world-class operations and technology, we expect to significantly increase our ability to serve more clients, while simultaneously enhancing our services for existing clients.”
The Green Square Wealth Management transaction will bring HighTower’s total client assets to approximately $68.6 billion, with 94 advisory firms and a presence in 33 states.
“HighTower was built to support fiduciary advisors and help them focus on their clients without distractions, and today, we are delivering the benefit of our platform to the very best advisory firms across the country,” said Elliot Weissbluth, HighTower’s Chairman. “Darrell and the team at Green Square represent a community of advisors across the country who also started their businesses with that simple philosophy. We honor their dedication to their clients.”
HighTower is backed by private equity firm Thomas H. Lee Partners, which has provided capital for HighTower to expand its services, fund acquisitions and accelerate the firm’s growth. Since mid-2017, HighTower has made significant RIA acquisitions, including WealthTrust and Salient Private Client (SPC), which included SPC’s trust business.
The partnership with Green Square Wealth Management is HighTower’s 22nd RIA transaction and the first under Mr. Oros, who took over as the firm’s new CEO in early January.
In the transaction, Green Square Wealth Management was advised by Sandler O’Neill + Partners, L.P. and Alston & Bird. It is expected to close in the second quarter of 2019, subject to regulatory approvals and other customary closing conditions.