Hightower Advisors has appointed Randy Bullard, a former State Street executive, as its new head of investment management, marking the latest in a series of leadership changes and strategic moves for the Chicago-based RIA.
Bullard, who most recently served as global head of State Street’s wealth manager segment, will be responsible for building out Hightower’s first centralized investment management platform.
The new platform is intended to unify investment solutions and research for its network of more than 140 advisory practices nationwide, the firm said in an announcement Tuesday morning.
Bullard’s appointment follows a period of significant change at Hightower. Earlier this year, the firm named Larry Restieri, a Goldman Sachs veteran, as chief executive officer, and tapped Scott Hadley, formerly of Osaic, as its first chief advisory officer. The moves come as Hightower continues to expand its C-suite and invest in new capabilities for its advisors, while also pursuing inorganic growth through acquisitions and strategic partnerships.
“Randy brings a unique perspective from his experience at State Street and across the investment management industry,” said CEO Larry Restieri, who officially took over the chief executive role from Bob Oros in June.
Restieri added that Bullard’s leadership is expected to “advance our investment platform and support advisors in delivering differentiated solutions to clients.”
Bullard said in the release that he is “excited to join Hightower at this pivotal moment,” and looks forward to working with the firm’s advisors to “deliver best-in-class investment solutions.”
The new platform will be underpinned by institutional research and investment counsel from NEPC, a leading consulting firm in the industry with more than $1.66 trillion in assets under advisement, which Hightower took majority ownership in as part of a strategic partnership it announced last year.
Hightower's move to create an in-house investment management platform comes amid an ongoing shift towards centralization in RIA channels, with the largest platforms moving to locate more investment management services in-house.
Not all advisors see that as a benefit, according to a recent report from Cerulli, which found just 25% of RIAs affiliated with consolidators ranking centralized investment management as a top-five service.
"To some advisors, centralizing the investment management process erodes a core component of their value," the Cerulli report said. "Yet, other advisors who have recognized the value of outsourcing or prefer to focus on planning instead of investment management could find significant value from an internal investment management resource."
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