Richard Saperstein rose out of the ‘08 financial crisis to build the now $20B+ Treasury Partners. He discusses that journey, his decision to affiliate with Hightower Advisors, plus the firm’s unique business model, the secret to their success and more.
Louis Diamond Quoted – By Diana Britton, WealthManagement.com – While Chicago-headquartered Hightower’s core strategy continues to be acquiring standalone registered investment advisors, the firm has recently made a foray into the independent broker/dealer channel, and CEO Bob Oros expects it to be a complementary area of growth for the firm going forward. The move would certainly expand the universe of potential acquisitions.
Louis Diamond Quoted – By Ian Wenik, Citywire – Focus Financial Partners is introducing a new back office services-focused acquisition model — and has already added four firms to the offering. Louis Diamond, an executive vice president at advisor recruiting and consulting firm Diamond Consultants, likened Connectus to the acquisition model of RIA aggregator Hightower.
Industry veteran and CEO of HighTower Bob Oros digs into the evolution of the firm and the landscape at large in this podcast episode. It’s an engaging conversation with a unique perspective on the momentum towards independence and thriving M&A market.
Louis Diamond Quoted – By Lisa Shidler, RIABiz – HighTower Advisors has finished investing the $100 million haul staked by Thomas H. Lee Partners, ending a stealth acquisition binge that saw ownership of its revenues rise from 23% to 80%, paving the way for a possible IPO or sale.
Mindy Diamond Quoted – By Jeff Benjamin, Investment News – HighTower Advisors put an exclamation point on its move away from recruiting breakaway brokers this week by officially exiting the broker protocol.”It’s a little bit of form over substance,” said Bob Oros, chief executive of the $50 billion RIA consolidator.
Louis Diamond Quoted – By Ian Wenik, Citywire – HighTower Advisors may now have an unobstructed view of an IPO. The RIA firm, which oversees around $68.6 billion, had long planned to go public, but those plans had been shelved by January 2018, when private equity firm Thomas H. Lee Partners bought a 50% stake in the firm’s holding company.
Mindy Diamond Quoted – By Jason Bisnoff, Fund Intelligence – Exits this week from JPMorgan and Morgan Stanley continue to show the move of advisers from major names to more independent avenues .Andrew Graham, a former JPMorgan global multi-cap growth strategy manager, has left to launch his own registered investment advisory business under the moniker Jackson Square Capital, backed by Portland, Oregon-based back end platform and consultancy tru Independence.
Louis Diamond Quoted – By Oisin Breen, RIABiz – Two months after taking the reins at HighTower Advisors, CEO Bob Oros’ notched his first big solo score with two key poaches. The firm announced today (Mar. 20) that Catherine “Cat” Davies is joining as chief of staff and head of business management, and Greg Fink will be head of advisor success.
Louis Diamond Quoted – By Oisin Breen, RIABiz – Elliot Weissbluth is the new chairman of HighTower Advisors, and the final selection of a CEO to replace him is imminent.
