HighTower scores $1B adviser

HighTower Advisors LLC has landed Margaret Towle, a high-end investment adviser with Greycourt & Co. Inc. doing business in Seattle and Minneapolis, despite market volatility that tends to keep advisers put. Ms. Towle, who manages in excess of $1 billion in assets for wealthy families and institutional investors, joined the firm Aug. 16 as an active adviser and will serve as a managing director and a member of the firm's Group Investment Services Steering Committee. The committee oversees HighTower's investment offerings, consulting and research. “[Ms. Towle] brings substantial reputation and intellectual horsepower to the firm. She'll be a great addition to our steering committee and partnership,” said Mike Papedis, managing director of national business development at HighTower. The volatility in markets didn't deter Ms. Towle from changing firms. In fact, it was part of the reason she made the move. “The volatility didn't scare me. It's something advisers need to address,” she said. “I see both institutional and retail investors increasingly looking for customized solutions to their needs. HighTower has done a great job creating a robust infrastructure to help advisers meet those needs.” Ms. Towle is the seventh major adviser to join HighTower this year, cumulatively bringing in more than $4 billion in assets to the Chicago-based firm. HighTower, which has had notable success luring large wirehouse brokers to the firm's fee-based model, now has about $20 billion in assets under management, said Mr. Papedis. “The environment is similar to 2008. The market volatility calls into question the large integrated-firm model,” said Mr. Papedis. “These advisers want to be fiduciaries to their clients and we empower them to do that.” A spokeswoman at Greycourt did not provide immediate comment.