Hightower to acquire longtime affiliate managing $10B

In its latest deal, large RIA aggregator Hightower is acquiring one of its own affiliate firms that manages nearly $10 billion in client assets.

Chicago-based Hightower announced Thursday its plan to acquire The Bahnsen Group, a roughly 100-person team specializing in private wealth management, financial planning and investment services. The Bahnsen Group started with roughly $600 million in client assets and eight associates when it was founded Newport Beach, California, in 2015. It now has more than $9.5 billion in AUM, as well as offices in New York, Nashville, Tennessee and Palm Beach, Florida.

David Bahnsen, a former Morgan Stanley employee, founded The Bahnsen Group, working from the start with Hightower, which has provided brokerage services and other types of support.

Hightower

The terms of Hightower's purchase weren't disclosed. Once the deal is complete, The Bahnsen Group name will remain in place with the addition of the words "A Hightower Company."

The deal comes in year already off to a strong start for mergers and acquisitions of registered investment advisory firms. The industry-tracking firm DeVoe reported earlier this month that 93 M&A deals involving RIAs occurred in the first quarter of 2026. That tied the third quarter of 2025 as the most active quarter on record. 

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Hightower to support Bahsen's growth 'organically and through acquisitions'

Bahnsen, now managing partner of The Bahnsen Group, said in a statement that the purchase will allow his firm to take greater advantage of Hightower's resources.

"With deeper integration across Hightower, we are well positioned to continue investing in our team and pursuing both organic growth and strategic opportunities," he said. "This venture leverages the strengths of each party to the benefit of our clients." 

Hightower CEO Larry Restieri said in a statement that the purchase will allow Hightower to support The Bahnsen Group's growth "both organically and through acquisitions."

Hightower was founded in 2007 largely as an RIA for advisors seeking to leave large wirehouses. Much of the financing for its purchases of advisory firms comes from its main private-equity owner, Thomas H. Lee Partners, along with Coller Capital and Neuberger Berman Group.

Hightower announced last month that it was acquiring Journey Strategic Wealth, an RIA with $5 billion in client assets and 16 advisors. Hightower now has more than $350 billion in client assets under management either directly or through its affiliates and has more than 660 advisors in 33 states.