HighTower Advisors founder and CEO Elliot Weissbluth has stepped down after being at the helm of the Chicago-based advisory firm for 11 years.
Weissbluth will become chairman following the appointment of a replacement, focusing on mergers and acquisitions as well as branding.
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According to Weissbluth, the management restructure was a collaborative decision.
“Right now, the opportunity we have in front of us in terms of market opportunity is massive, and in order to capitalise on that we really need to expand the leadership team. If you have a business poised for growth, the smart thing to do is staff your team,” Weissbluth was quoted by InvestmentNews as saying.
Meanwhile, existing HighTower chairman Gurinder Ahluwalia has been appointed as lead director of the firm.
Ahluwalia, previously an executive adviser at Thomas H. Lee Partners, replaced Dave Pottruck as HighTower chairman earlier this year.
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By GlobalDataPottruck, previously the CEO of Charles Schwab, was among the original backers of HighTower.
The reshuffle comes 10 months after private equity firm Thomas H. Lee Partners’ announcement to acquire a significant stake in HighTower. Thomas H. Lee Partners also agreed to invest $100m in HighTower.
