Hightower Announces 10th Deal of 2023: Sub-Acquisition for Fairport Wealth
Hightower has facilitated a merger for Fairport Wealth, a Cleveland, OH-based Hightower advisory business. Wealth CMT, a New Jersey-based registered investment advisory firm with $300 million in assets under management, will join Fairport’s wealth management business
Specific financial terms of the deal were not disclosed; however, a spokesperson told Connect Money that it involved a mix of cash and equity.
This is Fairport’s 5th sub-acquisition since joining Hightower in 2017, bringing the firm’s assets under management to $4.5 billion, and the 10th deal for Hightower.
Founded in 2009 and led by founders Andrew Barnett and Eric Feder, Wealth CMT’s five employees work with more than 180 families and foundations.
“Their commitment to holistic wealth aligns with our vision and philosophy, and gaining access to Hightower’s resources will enable us to take our practice to the next level,” said Feder.
Hightower’s assets under management were approximately $131 billion as of the end of June.
Advice Dynamics Partners served as advisor to Wealth CMT.
