Louis Diamond Quoted
By Oisin Breen
Elliot Weissbluth is the new chairman of HighTower Advisors, and the final selection of a CEO to replace him is imminent.
As chairman, the longtime founding CEO will be charged with duties more akin to head of brand and M&A, with the goal of reducing his operational duties. The new CEO will assume HighTower’s day-to-day management.
But putting M&A and outsourcing on the same peg — which HighTower did by hiring Cabezas — isn’t necessarily as much of a strategic shift as you might think, says Louis Diamond, principal of Diamond Consultants in New York. “They’ve had the two lines of business for a while now and favor them over the old [breakaway] partnership model.”
