Hightower Advisors may pursue an preliminary public providing within the subsequent three to 5 years, Chief Government Larry Restieri mentioned in an interview this week.
Restieri careworn that he was not committing to going public however that his agency, which has 650 advisors and $354 billion in shopper belongings, ought to function as if a public itemizing could be attainable throughout that point.
“I’m not saying we’re going to be the agency that’ll go public, however I’m saying that it no less than needs to be on the desk three to 5 years from now,” Restieri mentioned. “It could by no means occur. That’s fantastic too. However we must always no less than be working like we may.”
The feedback come as personal fairness agency Thomas H. Lee Companions, which has majority owned Hightower since 2018, has been evaluating subsequent steps. Restieri mentioned that Hightower will not be in a “formal” capital-raising course of however acknowledged that it’s “all the time out there for the following purchaser or subsequent buyers.”
Because it positions for a possible change in possession, Hightower continues to broaden Signature Wealth, an worker mannequin by means of which it acquires present companion practices and outdoors corporations.
After seeding the division with $5 billion-asset Frontier Wealth Administration in October, Signature Wealth has accomplished 13 acquisitions, together with 11 of its present associates, in 2026 which have introduced the unit to roughly $40 billion in belongings.
Restieri mentioned he expects the brand new division will attain $50 billion by the tip of this yr and $100 billion inside two years. Signature Wealth may finally comprise half of Hightower’s income, he mentioned.
The CEO envisions that finally 80% of advisors will affiliate below a centralized mannequin, together with Signature Wealth or with a “flagship franchise” equivalent to The Bahnsen Group, which was totally acquired in April.
“We don’t want a number of methods to do the identical factor,” Restieri mentioned. “There’s a number of shared data between our practices that may share some sources, and that simply permits us to ship extra for our purchasers.”
Hightower was based in 2008 by former CEO Elliot Weissbluth as a hybrid RIA and broker-dealer platform that recruited wirehouse brokers by providing fairness stakes, money and institutional infrastructure.
After a number of years making ready for an anticipated IPO that by no means happened, personal fairness agency Thomas H. Lee Companions stepped in with $100 million and shifted the agency towards an M&A method. In late 2020, THL recapitalized its funding by bringing in Goldman Sachs Asset Administration, Neuberger Berman and Coller Capital as minority buyers.
Restieri, a former head of Goldman Sachs’ Ayco retirement unit, succeeded Bob Oros in June final yr.