HighTower shifts into high gear with a three-team, $1.2 billion AUM in-three-weeks spree
An alpha predator in 2010, 2011, the Chicago-based rollup, now with with 260 employees, roars again, twice at Merrill Lynch and once at UBS
Stephen Winks
Charlie Andriole is a most significant win for HighTower as he represents the demands of wirehouse advisors active as PMers requiring a more modern approach to portfolio construction, not possible in a wirehouse format. These pioneering wirehouse PMers in some cases can acknowledge to their clients they are acting in a fiduciary capacity by virtue of literallyacting as portfolio managers. But in practice they are terribly constrained by the wirehouse compliance protocol which has yet to manage trade execution as cost center to be minimized in the consumer’s best interest. The trading desk is still a massive profit center and wirehouses still do not proactively provide the necessary support essential for fiduciary standing.
If Andriole makes a successful transition, there is a trillion in PMer assets which would find a HighTower solution most enlightening.
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Advisor Growth Strategies, LLC
Consulting Firm
Top Executive: John Furey
