HighTower Advisors LLC has landed a team from Credit Suisse with $1 billion in assets.
Matt Dillig and Ted Bowen, principals of the Dillig Group, joined HighTower on Friday. They will work out of Hightower's Chicago headquarters, the company said in a release today.
Mr. Dillig, 36, a 12-year industry veteran, and Mr. Bowen, 48, who's been in the industry 10 years, have been with Credit Suisse Securities LLC since 2008. Before that, the pair worked at Merrill Lynch & Co. Inc.
The Dillig team also includes four support staff members. "I think it was the team just deciding that being independent was a better option for our team and clients," Mr. Dillig said.
"We … expect to have good relationships with our former firm going forward," he added.
Mr. Dillig's team handles only about 30 wealthy families, which he describes as owners of companies and general partners of private-equity and hedge funds. The sophistication of his clientele "spurs an interesting dialogue," he noted.
Mr. Dillig was ranked this year as the No. 16 best adviser in Illinois by Barron's.
The Dillig group is the eighth new adviser team to join HighTower this year, and the 33rd team to affiliate with HighTower since its inception in 2008, the company said.
David Walker, a spokesman for Credit Suisse, declined to comment.