Larry Restieri, the previous CEO of Goldman Sachs’ Ayco enterprise, has taken the reins at Hightower, succeeding outgoing CEO Bob Oros. The Chicago-based RIA with about $308.2 billion in property beneath administration introduced the transfer would occur in February.
Restieri takes over the CEO place after over twenty years in numerous wealth and asset administration positions at Goldman. For a bit of over the past seven years of that tenure, he oversaw Ayco, which makes a speciality of office monetary planning and wealth advisory providers.
Now, he’ll oversee an RIA that has grown largely via its over 50 acquisitions since 2019, from about $57 billion in whole property beneath advisement to $1.8 trillion. Hightower is owned by Thomas H. Lee Companions, which first invested in 2018 and oversaw the hiring of Oros, who has been an lively dealmaker to the tip, bringing on a $2 billion RIA simply final month.
Based on business gamers who commented on Restieri’s rent, THL and the Hightower board could also be in search of him to raised align the RIA’s 144 advisory practices for long-term natural development. He may also convey his institutional advisory information absolutely combine NEPC, an institutional consulting agency and outsourced chief funding officer that Hightower acquired a majority stake in final yr.
“Hightower is positioned for transformational development,” CEO Restieri stated in a press release. “The results of a priceless expertise for our shoppers and advisors is elevated alternatives for development, each natural and inorganic.”
The agency declined to make Restieri accessible for an interview.
Oros joined Hightower as CEO in early 2019 after management roles at Charles Schwab, LPL Monetary, Constancy and HD Vest Monetary Providers. He has since turn into a distinguished voice within the RIA business as companies reminiscent of Hightower have quickly grown in scale. As a board member, he’ll work on “strategic continuity” and a “seamless transition for the agency’s rising consumer base,” Hightower wrote within the announcement.
“I’ve watched the agency over the previous 6 1/2 years thrive even within the face of financial uncertainty and market volatility,” Oros stated in a press release. “I’m assured that Larry goes to guide Hightower towards extra success, whereas sustaining and defending the strong core of the agency and its values.”
Hightower works with advisors in its community in areas together with enterprise improvement consulting, advertising help, expertise, funding administration sources, compliance, accounting, payroll and human sources. Additionally they get entry to M&A steerage, succession planning and capital sources.
