Wealth management firm Hightower announced Tuesday that it has acquired a $1.5 billion advisory firm based in Arlington, Virginia.
Alexandria Capital has 10 advisors and is led by CEO Augustine Hong and CIO Jonathan Ferguson.
"Joining Hightower will magnify our ability to deliver the services that clients value most and give us a wide range of capabilities that would be difficult to put in place on our own," Ferguson said in a press release.
Hightower CEO and Chairman Bob Oros said in a statement Alexandria has done “a stellar job growing Alexandria Capital through a focused strategy of strategic acquisitions and thoughtfully delivered client service. By joining Hightower and using our operational and growth acceleration resources, they will free up time to deepen their client relationships and attract new business.”
Alexandria was founded in 1987 and merged with FIC Capital in 2017. It has offices in New York City; Boston; Portland, Oregon; and Juneau, Alaska.
Hightower provides investment, financial and retirement planning services to individuals, foundations and family offices, and 401(k) consulting services to corporations, according to the press release. It has 117 advisory businesses across 34 states and Washington, D.C. As of June 30, it had about $125 billion in assets under administration and $101 billion in assets under management.
David DeVoe, managing partner and founder of San Francisco-based DeVoe & Co., said the Alexandria Capital sale to Hightower is a “textbook example of the current trend of $1 billion+ firms joining enterprise-grade organizations to gain the benefits of scale.”
“With a signature, a seller gains access to technology, operations and marketing, while compliance and HR headaches exit stage left,” he said. “Hightower has proven to be a successful landing pad for firms of this size that are looking to scale by partnering rather than building on their own.”
