HighTower Advisors, an advisor-owned financial services firm, has expanded its New York team with the completion of the firm’s first tuck-in acquisition.
The firm has acquired the advisory business of Steve Bogner, who currently manages $80 million in client assets. Bogner spent 11 years as an advisor in Morgan Stanley Smith Barney’s private wealth management division.
Bogner has joined HighTower’s New York practice led by Richard Saperstein. Terms of the transaction were not disclosed.
The transaction marks the first time that HighTower has expanded its business by merging an existing practice into one of its advisory teams through a tuck-in acquisition, according to the firm. Since its founding in 2008, HighTower has actively sought and recruited advisors with rosters of high-net worth clients. The transactions have provided an alternative exit for those advisors, who instead of going independent can take cash and a stake in HighTower.
“We are capitalized to grow by adding new advisors to our already established teams,” HighTower Managing Director of Business Development Mike Papedis said in a statement. “I encourage advisors who serve high net worth investors, regardless of the size of their practice, to consider HighTower if they seek greater independence, more flexibility and the benefits of having Wall Street compete for their business.”