HighTower snags two big teams from Merrill Lynch

HighTower snags two big teams from Merrill Lynch
Set up the company's first Las Vegas office; two other teams exit the herd as well
SEP 13, 2012
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.

Latest News

WallStreetBets takes on the SEC — and makes a surprisingly sharp case
WallStreetBets takes on the SEC — and makes a surprisingly sharp case

The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline