HighTower Advisors says it is looking for a new chief executive. CEO Elliot Weissbluth is set to step down from this role and will become chairman once a new leader is tapped.
“The opportunities in front of us are more fertile than we had anticipated in 2007, when we started the firm,” said Weissbluth in an interview on Monday. “It’s a sensible thing to do, when we are poised to accelerate.”
The news comes 10 months after private equity firm Thomas H. Lee Partners said it was buying a big stake in the RIA consolidator and investing $100 million to support its growth.
HighTower has about 190 financial advisors at present. In April, it announced plans to buy Salient Private Client, which put its total client assets at around $55 billion.