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Direct Investment  + Broker/Dealers  + Financial Advisory  + M&As  + Wealth Management  |  January 10, 2024
Hightower Opens 2024 with $3.3B Acquisition of NY Wealth Manager
By: Joe Palmisano

Hightower Opens 2024 with $3.3B Acquisition of NY Wealth Manager 

Hightower, the Chicago-headquartered registered investment advisor aggregator, has acquired Capital Management Group (CMG) of New York, a wealth management and financial planning firm with $3.3 billion in assets and offices in New York City and Pearl River, N.Y.  

This is Hightower’s first announced deal of 2024 after announcing 12 transactions in 2023. It is also the fifth firm formerly linked with an independent broker-dealer that Hightower has made a strategic investment in and onboarded to its network.  CMG was previously affiliated with Equitable Advisors. 

Financial terms of the deal were not disclosed. 

CMG, founded in 1992 by Thomas M. Mingone, has six co-owner partners and six other advisors, for a total of 38 members. It provides asset allocation, protection planning, charity giving, tax-advantaged investment, and estate planning as part of its holistic approach to financial planning and wealth management. 

“They (CMG) are in a pivotal growth phase and Hightower can provide new opportunities for their business by providing additional capabilities aimed to enhance both the advisor and client experiences,” said Hightower chairman and CEO Bob Oros. 

Hightower had $131 billion in assets under management as of September 30, 2023, and a network of 138 advisors. In November, it invested in $2.5 billion Orlando, FL-based Resource Consulting Group. Its 2023 acquisitions included $1.6 billion Meyer Capital Group, as well as GMS Surgent. In August, it facilitated the sub-acquisitions of Trellis Advisors by Highland Private Wealth Management and Wealth CMT by Fairport Wealth. 

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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