In its ongoing quest to gain a nationwide profile, registered investment advisory group HighTower has opened two new offices in Los Angeles and Baltimore, adding breakaway advisors with more than $1 billion of assets under management.
Chicago-headquartered HighTower announced Tuesday that Leo Kelly and Brian Grumbach, formerly of the Kelly Group at Merrill Lynch Wealth Management, joined HighTower as managing directors and partners on Feb. 17. Kelly and team currently manage $700 million of client assets and will lead HighTower’s expansion into the Baltimore market.
The second office opening, also on Feb. 17, brings HighTower’s expansion into the Los Angeles area. James Hausberg, formerly a managing director at The Presidio Group, also joined HighTower as managing director and partner. Hausberg currently manages $400 million of client assets and will lead HighTower’s expansion in the Los Angeles area. Prior to joining the Presidio Group in 2005, Hausberg worked at Bear Stearns and Credit Suisse in wealth advisory positions.
“HighTower achieved a new milestone today,” said Mike Papedis (left), executive vice president of business development in a statement released Tuesday. “On-boarding two new teams on both coasts on the same day is just another example of our increasing execution capabilities.”
Barron’s has tapped Kelly for its list of Top 1000 Advisors every year since its inception in 2009. While at Merrill, he was senior portfolio manager in the firm’s Personal Investment Advisory Program.
“I considered several options and determined that joining HighTower is better for my clients, better for my team, and better for my family,” said Kelly in a statement. “I’m looking forward to serving my clients and providing them with all the advantages HighTower offers.”
HighTower is an advisor-owned financial services company serving high net worth and institutional clients. Many of HighTower’s advisors are breakaway wirehouse brokers with large and established practices. The company is headquartered in Chicago and maintains corporate centers in New York and San Francisco as well as other offices around the country in cities including Seattle and Minneapolis.
Read more about HighTower at AdvisorOne.com