HighTower has made a strategic investment in LourdMurray, a newly merged California-based wealth management group that serves ultra-high net worth individuals, families and institutional clients across the United States.
LourdMurray will leverage HighTower’s growth capital and middle and back-office services to fuel its continued growth and expansion.
As part of this transaction, the Beverly Hills-based LourdMurray has merged with San Diego-based Delphi Private Advisors. The combined advisory group, which will operate under the brand name LourdMurray, oversees approximately USD4.8 billion in client assets. Thirty-four employees in Beverly Hills, San Diego and Baton Rouge, Louisiana, will provide wealth management services to affluent families, business owners, executives, artists, entertainers, professional athletes and institutions. As the two teams integrate into one, the San Diego office will temporarily use the transition name LourdMurray Delphi.
“LourdMurray is looking to scale to the next level through acquisitions and organic growth. This transaction enables them to amplify their position in the marketplace by leveraging HighTower’s investment capital, integrated IT platform, operational services and supportive advisory community,” says Bob Oros, CEO of HighTower. “We are honoured to be investing in LourdMurray’s entrepreneurial vision and long-term success.”
LourdMurray marks HighTower’s 23rd external RIA transaction since inception and its second in 2019. Including the LourdMurray transaction, HighTower now has 98 advisory businesses in 33 states.
“All of us at LourdMurray and Delphi are fiercely dedicated to providing ultra-high net worth clients with unbiased fiduciary services,” says Blaine Lourd, Managing Partner and co-CEO of LourdMurray. “HighTower’s capital and operational support will allow us to substantially expand the capacity of our newly combined team, and provide more clients with a distinctive, high-touch approach to wealth management.”
HighTower Chairman Elliot Weissbluth adds: “Both LourdMurray and Delphi’s successful practices are based on an absolute commitment to providing affluent clients with independent, client-centric wealth management. We are thrilled to be welcoming their newly merged group to the HighTower community and providing the support they need to meet their growth objectives.”
LourdMurray’s Managing Partners include Blaine Lourd, Palmer Murray, Michael Lee, Keith McKenzie and Darren Reinig. Lourd and Murray will maintain their roles as co-CEOs. Lee will oversee Operations and Strategy and Reinig will assume the role of CIO. Additional members of the leadership team include Jill Young, who will continue as Chief Compliance Officer and Director of Operations; Peter Wright, Wealth Advisor and Executive Director of the Baton Rouge office; and Gary Hirschfield, General Manager of the San Diego office.
HighTower’s capital investment in LourdMurray follows the February 2019 announcement that the company bought an equity stake in Green Square Wealth Management, a fee-only investment advisor and multi-family office in Memphis, Tenn., overseeing USD2.6 billion in client assets. Other large HighTower transactions in the last two years include WealthTrust and Salient Private Client (SPC), including SPC’s trust group. In addition, over the past two years HighTower has also invested significant capital in advisory businesses within the existing HighTower community.
HighTower is backed by private equity firm Thomas H Lee Partners, which is providing funding for the company to make strategic investments and acquisitions in the RIA space, expand the firm’s services to advisors and advance growth.
“HighTower’s investments this year in LourdMurray and Green Square are shining examples of who HighTower is today – an investor in and service provider to elite independent advisory businesses looking to scale,” said Ganesh Rao, Managing Director at Thomas H. Lee Partners. “Under the leadership of CEO Bob Oros, HighTower is solely focused on providing capital and superior infrastructure support to help advisors achieve growth and success.”
HighTower offers the independent wealth management industry a capital-rich partner and customisable suite of services designed to accelerate business growth. In addition to capital solutions, HighTower provides a state-of-the-art integrated advisor platform – including technology, compliance, accounting, payroll, human resources, investment research/due diligence and marketing services. Advisory groups that partner with HighTower also gain access to a collaborative advisor culture, economies of scale and deep industry relationships to foster growth.
In the transaction, LourdMurray was advised by Republic Capital Group. The transaction is expected to close at the end of the second quarter 2019, subject to regulatory approvals and other customary closing conditions.