Hightower bulks up in Illinois with $700 million RIA

Chicago-based Hightower is expanding its Illinois-area footprint with the acquisition of Aurora-based Clear Perspective Advisors.

Founded in 2011 by Michael Morcos, Jonathan Hylton and Stewart Beach, Clear Perspective has $700 million worth of client assets, operates two offices in Illinois and employs 10 people, including seven financial advisers.

According to the announcement Tuesday morning, Clear Perspective is doing the deal to leverage Hightower’s growth consulting services, middle- and back-office operations, scaling support and infrastructure to expand its service offering to new and existing clients.

Hightower, claiming it seeks to invest in advisory businesses with successful track records of consistent organic growth, was drawn to Clear Perspective’s experienced management, multi-generational advisory team and fiduciary-based culture and approach.

“Clear Perspective is a highly successful business with long-standing clients, double-digit organic growth and an independent, entrepreneurial mindset,” Hightower chairman and Chief Executive Bob Oros in a statement.

“Our organization is excited to collaborate with Michael, Jonathan, Stewart and the team on strategies to add value to their client relationships and accelerate new business,” Oros said. “We are honored to be supporting them in the next chapter of their growth.”

Hightower has assets under administration of approximately $132.2 billion, and $104.1 billion worth of assets under management.

The deal is expected to close by the end of December.