HighTower pick-up sees UBS team split up
HighTower Advisors LLC has lured three advisers from UBS AG's Morse-Millman Group in New York City — splitting up team principals Andrew Morse and Ira Millman in the process.
HighTower Advisors LLC has lured three advisers from UBS AG’s Morse-Millman Group in New York City — splitting up team principals Andrew Morse and Ira Millman in the process.
The liftout occurred Friday and a spokeswoman for UBS, Karina Byrne, confirmed the moves.
Andrew R. Morse, who was a managing director at UBS, retains that title at HighTower, and also becomes a “special adviser” to HighTower chief executive Elliot Weissbluth, the firm said in a statement. Mr. Morse will “assist with the strategic development of the firm’s growth plans,” the statement said.
Justin Towey, who had been vice president for investments at UBS, and Robert C. “Bob” White, who had the same title, also became managing directors at HighTower, the firm said.
Maja Janko, who was a senior wealth strategy associate at UBS, and Pamela Tang, a team administrator, also joined the new team, the firm said.
The shake-up leaves only Ira Millman as a principal of the Morse-Millman team, plus an associate, Jennifer Jacqueline Barry. Tara Balabushka belatedly joined HighTower on Tuesday, according to a spokeswoman for HighTower.
“Mr. Millman is staying with UBS to serve the best interests of his clients,” said UBS spokeswoman Karina Byrne. “UBS is confident that his clients will continue to receive excellent service from Mr. Millman and continue to benefit from tailored, comprehensive wealth management advice backed by the financial strength and stability of a global firm.”
HighTower, a dually registered firm formed in 2008, has been aggressive in recruiting high-profile brokers to join its open architecture, multicustodian and multiclearing hybrid firm, where advisers are part owners.
One of HighTower’s earliest coups was bringing on board Richard Saperstein from J.P. Morgan Securities Inc. Mr. Saperstein brought a $10 billion book of business with him.
HighTower now has 15 teams, with about 30 advisers, and controls about $16 billion in assets. It hired two recruiters earlier this year.
The firm’s aggressive recruiting has led to some controversy. Early this year, for example, Morgan Stanley filed suit after HighTower snagged a $500 million Morgan Stanley team in Westchester County, N.Y. In its suit, Morgan Stanley alleged that the team solicited clients while they were still affiliated with Morgan Stanley, and took confidential information with them when they left.
The case was moved to arbitration by the Financial Industry Regulatory Authority Inc.
HighTower Securities LLC is a signer to the protocol for broker recruiting, which allows departing brokers to take limited customer contact information with them when they leave.
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