A $ 1.5 billion consulting agency primarily based in Virginia receives a “strategic funding” from Hightower, the corporate’s second such funding in latest weeks.
Along with its headquarters in Arlington, Virginia, Alexandria Capital has workplaces in New York Metropolis, Boston, Portland, Oregon and Juneau, Alaska. The corporate is led by CEO Augustine Hong and CIO Jonathan Ferguson and was based in 1987; it grew from $ 108 million in property beneath administration in 2010 to $ 1.5 billion in property beneath administration (partly as a consequence of a merger in 2017 with FIC Capital).
With a complete of 21 staff, together with 10 consultants, the regulation agency works with “profitable professionals” in addition to entrepreneurs, foundations, household workplaces and pension establishments. The brand new funding shall be used, based on Hightower, to “leverage the corporate’s center, again workplace and enterprise improvement capabilities” to drive increased development. The phrases of the deal weren’t disclosed.
“Becoming a member of Hightower will enhance our potential to supply the companies our clients worth most and provides us a variety of abilities that may be tough to implement on our personal,” Ferguson mentioned in a press release on the deal.
Hightower’s companies to companies embody selling the natural and inorganic development of companies via enterprise improvement recommendation, advertising and marketing and technical help, in addition to compliance, accounting, payroll and human assets companies.
Chicago-based Hightower is a registered funding advisor working with corporations in 34 states and the District of Columbia, and manages $ 101 billion in property. Hightower CEO and Chairman Bob Oros mentioned it was delighted to welcome Alexandria to the group to assist them “proceed to scale” their enterprise.
“By becoming a member of Hightower and leveraging our operations and development acceleration assets, you’ll achieve time to deepen your buyer relationships and win new enterprise,” he mentioned.
Late final month, Hightower introduced that it might do it a strategic stake within the Funding Safety Group (ISG), a Denver-based asset administration firm with $ 800 beneath administration. Though Oros discovered that Hightower was not pushed by geographic location within the funding, he discovered that ISG was engaging partly as a result of it was in a area the place Hightower was not as strongly represented.
The corporate purchased in July Farr, Miller & Washington, a DC-based RIA with roughly $ 2 billion in property beneath administration and workplaces in Pennsylvania and Florida. Hightower earlier this yr purchased Bel Air Funding Advisors, a Los Angeles-based RIA with $ 8 billion in property beneath administration. The deal was Hightower’s largest acquisition to this point.