Chicago-based HighTower today announced the takeover of Guggenheim Investment Advisory, the wealth management division of Guggenheim Partners.
Joining HighTower will be Christopher Shin, who will serve as managing director and partner, and Jeffrey Fulk, who will serve as executive director.
Shin previously served as Guggenheim’s head of U.S. portfolio management. Fulk served as vice president.
Under a previous arrangement, Guggenheim provided alternative investments on the HighTower platform.
At the time of the announcement, the New York-based Guggenheim Investment Advisory had approximately $325 million in assets under management.
HighTower has aggressively added to its slate of independent wealth managers, including the April recruitment of the Bahnsen Group, which previously managed $750 million in assets for Morgan Stanley; the February transition of Patricia Pick and $225 million in assets from Morgan Stanley; and the January addition of TC Wealth Management, which oversaw $550 million in assets for UBS.
As of April 30, 2015, HighTower had more than $20.6 billion in assets under management.