Chicago-based HighTower announced on Monday that it has named Bob Oros as chief executive officer.
Oros joins HighTower after a stint as CEO of HD Vest Financial Services. He has previously worked with RIAs in senior roles at Fidelity and Charles Schwab.
“Over the past 11 years, I have watched HighTower expand from a disruptor and first-of-its-kind platform into one of the nation’s leading independent wealth management firms,” said Oros in released comments. “HighTower’s unique collaborative culture, comprehensive platform and national brand make it a destination of choice for elite RIAs seeking support and services to grow and scale.”
Elliot Weissbluth, HighTower’s founder and outgoing CEO, will stay on as chairman of the firm’s board of directors, while Gurinder Ahluwalia, the current board chairman, will transition to become lead director.
Oros rises to the CEO role as HighTower continues to aggregate major RIAs and breakways, boosted by an infusion of cash in October 2017 from Thomas H. Lee Partners, which purchased a stake in the firm and pledged an additional $100 million in liquidity to fund further acqusitions.
In the summer of 2018, when it was announced that Weissbluth would transition to the chairman role, HighTower initiated its CEO search. At the time, another major RIA aggregator, Focus Financial Partners, had recently announced an IPO. However, since it was flush with cash from the Thomas H. Lee transaction, Weissbluth stated that HighTower would not follow suit.
In his new role, Oros will be tasked with continuing HighTower’s high rate of growth and “building value for advisors, employees and investors,” the company said.
HighTower has $60 billion in client assets managed by 92 advisory teams spread among 76 offices in 33 states.