Hightower Advisors, the Chicago-based mega-RIA with $326 billion in client assets, has hired a former BlackRock executive as head of operations and services amid a push to boost connectivity between advisors and the home office.
Patrick Dunne has joined Hightower as a managing director and head of operations and service. According to his LinkedIn, Dunne’s most recent role has been as founder and lead of BlueGranite, an investor working to “scale” fintech and investment firms. Earlier in his career, he held various leadership roles at BlackRock, including head of iShares global markets and investments.
“We are pleased to welcome Patrick Dunne to Hightower,” a spokesperson said via email. “His experience scaling complex organizations will help accelerate our ongoing investment in operational excellence—making it easier for advisors to serve clients.”
According to filings, Dunne will join with an equity stake in Hightower, which is majority owned by private equity firm Thomas H. Lee Partners.
In separate news, Charis Jones, Hightower’s executive director of compliance, has left the firm for a new position that, according to a LinkedIn post, she will announce soon.
Hightower did not respond to a request for comment on whether they are replacing the role.
Changes at the mega-RIA come as new CEO Larry Restieri begins to make his mark on the firm. The former CEO of Goldman Sachs’ Ayco business was named the new head in February to take over from Bob Oros, who remains on the firm’s board. His official start was in June.
Restieri hired State Street alum Randy Bullard in one of his early moves to lead a new centralized investment management platform. The platform is designed to provide Hightower’s roughly 660 advisors with institutional research and investment counsel from the recent Hightower acquisition of NEPC, an institutional consulting firm and outsourced chief investment officer.
“We expect our advisors will choose to adopt the centralized investments platform because of its compelling features, products, and the improved client experience that it will offer our practices; importantly, though, it will be the advisors’ choice to adopt the central platform, not a requirement,” a spokesperson said. “It’s just one of the ways Larry envisions delivering enhancements for advisors.”
The RIA has more “advancements for advisors” in the coming months, the spokesperson said.
In the meantime, Restieri is working to create more collaboration between advisors and the home office.
He has been speaking with Hightower advisors about creating “regional support to help advisory practices collaborate and work more closely together with each other and with home office specialists,” according to a spokesperson. “This regional approach does not represent a consolidation strategy but is a way to better engage and support our practices.”
Citywire had previously reported that Hightower was pursuing a regional consolidation strategy, citing sources.
Restieri takes over after Oros led years of acquisitions for Hightower. Oros joined in 2019, replacing founder Elliot Weissbluth, who built Hightower primarily from wirehouse breakaway advisors. Under Oros, the firm shifted to acquiring RIAs with private equity funding. During his tenure, the firm made over 50 acquisitions.
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