HighTower has acquired Salient Private Client.
As part of the proposed transaction, SPC will be rebranded as HighTower Private Client.
The transaction is HighTower's largest single-office-location acquisition to date and marks HighTower's entry into Texas.
Following the closure of the proposed transaction, HighTower will have approximately $55 billion in client assets, which will establish it as one of the largest independent, fee-based advisors in the country. SPC's existing trust company, Salient Trust Co., LTA, will become HighTower Trust Services, which will allow HighTower to provide trust services directly to clients. Heinrich Grobler will continue in his role as chief operating officer of the Houston-based SPC team.
The transaction is expected to close in the third quarter of 2018.