HighTower snags two big teams from Merrill Lynch

Four teams from Merrill Lynch Bank of America, representing what looks to be more than $1 billion in assets, have left the firm to set up their own shops. Two of the teams have joined HighTower Advisors LLC, and set up the firm's first Las Vegas office: Hugh Anderson and Sheila Delutri, principals in the Anderson & Delutri team, which managed $450 million at Merrill Lynch; and Mike PeQueen, Ned Evans and Adam Thurgood, principals of the MNA Group, with $340 million in assets. Separately, Merrill branch manager Steve Altman, working with adviser Brett Davis, have joined with colleagues Todd Gescher and Jason Herber in forming True Private Wealth Advisors LLC of Salem, Ore. The Davis/Altman Group and the Gescher/Herber Group will remain as two separate groups at True Private Wealth Advisors, according to Dynasty Financial Partners, the new firm's service provider. Assets managed by the Oregon advisers were not disclosed, but Dynasty spokeswoman Sally Cates said the firm works with teams of $300 million and up. Merrill Lynch spokesman Matthew Card confirmed the departures but declined further comment.