NEPC has been featured in an article in Pensions & Investments regarding the majority stake acquisition by Hightower Holding. View excerpts below or read the full article on the Pensions & Investments site here.
Hightower Holding, a Chicago-based wealth management firm, has agreed to acquire a majority stake in Boston-based investment consulting firm NEPC.
Hightower and NEPC executives said the deal should close in early 2025. They declined to provide further details on the costs of the transaction, beyond noting that NEPC professionals would continue to retain significant stakes in NEPC, as well as Hightower.
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Together, Hightower — a leading industry consolidator of 140 U.S. financial advisory practices since its founding in 2008 — and NEPC, with $1.66 trillion in assets under advisement or management, would boast $258 billion in assets under management.
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Meanwhile, Michael Manning, managing partner of NEPC, will join the Hightower’s board of directors once the deal closes. Manning, in the same interview, said the deal would help accelerate the growth of an NEPC wealth management segment that, while only 3% of the firm’s OCIO business, had already become a “full fledged business line” from a revenue perspective over the past seven years or so.
The synergies of a Hightower-NEPC combination make the deal an exciting one for both firms, agreed Oros and Manning. This is truly a “one plus one equals five” situation, noted Oros.
Click here to read the full article on the Pensions & Investments site.