Fisher Investments’ $12.75 billion valuation does not set a new benchmark for RIAs, but given the size, scope and buyer, it marks an inflection point for the industry overall, observers say.
The firm pulled Hightower back from the market after failing to find a buyer willing to meet its multiple, and is now considering layoffs, sources say.
Following its purchase of $45 billion Hall Capital Partners, private equity-backed Pathstone will now have a national footprint with 23 offices and over 750 team members.
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