Hightower, the $168 billion registered investment advisor, has acquired Smith Anglin, a Dallas-based wealth manager specializing in aviation industry clients.
Smith Anglin’s 34-person team, including partner and lead Steve Anglin, will join Chicago-based Hightower’s network of 140 advisory firms. The firm will keep its name and join Hightower’s Form ADV.
The firm was founded by Steve Anglin’s father, Bobby, in 1967 and has grown to $2 billion in assets under management. Steve Anglin, who joined as a partner in 1986, brought on tax and accounting services, according to the firm’s website. In 2000, Anglin and partner Chris Lott started offering financial services and retirement planning to Southwest Airlines pilots, which the firm then expanded to Delta Airlines and United Airlines.
“The storied organization has built a distinct business model and client focus, with deep experience serving the airline industry, and has demonstrated impressive organic growth over the last few years,” Hightower Chairman and CEO Bob Oros said in a statement.
Hightower declined to provide details on the amount of its investment stake.
Earlier this year, it announced a strategic investment in Lindbrook Capital, a financial planning and wealth management firm with about $3.8 billion in AUM and offices in Los Angeles, Calabasas, Calif., and New York City.
The deals come as CEO Oros prepares to step down this spring. Since taking on the role in 2019, he has led a robust merger and acquisition strategy. Former Goldman Sachs AYCO CEO Larry Restieri will replace him.
Steve Anglin said in a statement that his firm will tap Hightower’s resources, “including its integrated tech stack and value-added services, which will allow us to continue to grow our business and help deliver on our mission to secure the financial well-being of our clients over the course of their lives.”
Smith Anglin was advised by Berkshire Global Advisors LP, and Scheef & Stone provided legal counsel. Polsinelli PC provided legal counsel for Hightower.