Hightower has acquired Bel Air Investment Advisors LLC from Fiera Capital Corporation—the firm’s largest acquisition ever.
Bel Air, with $8 billion in assets under management (AUM), is based in Los Angeles and provides customized wealth management services and investment solutions exclusively to ultra-high net worth individuals, families, trusts and foundations with $20 million or more in investable assets. According to a press release, this is Hightower’s largest acquisition in its 12-year history.
Bel Air has 43 employees, including 10 advisors. Founded in 1997, Bel Air was acquired by Montreal-based Fiera Capital, a public company in 2013. Bel Air’s move to Hightower, a privately held company, returns the firm to private ownership, with Bel Air’s founders and leaders in key roles with equity in the company.
Including Bel Air Investment Advisors, Hightower’s M&A team has completed 14 M&A transactions since early 2019. As of Sept. 30, 2020, Hightower’s assets under administration (AUA) were approximately $81.4 billion and its AUM was $61.6 billion. Hightower has 114 advisory businesses in 33 states.
In the transaction, RBC Capital Markets and Stifel GMP served as financial advisors to Fiera Capital while also assisting Bel Air management in structuring the Hightower partnership.
