Larry Restieri, the former CEO of Goldman Sachs’ Ayco business, has taken the reins at Hightower, succeeding outgoing CEO Bob Oros. The Chicago-based RIA with about $308.2 billion in assets under management announced the move would happen in February.
Restieri takes over the CEO position after over two decades in various wealth and asset management positions at Goldman. For a little over the last seven years of that tenure, he oversaw Ayco, which specializes in workplace financial planning and wealth advisory services.
Now, he will oversee an RIA that has grown largely through its over 50 acquisitions since 2019, from about $57 billion in total assets under advisement to $1.8 trillion. Hightower is owned by Thomas H. Lee Partners, which first invested in 2018 and oversaw the hiring of Oros, who has been an active dealmaker to the end, bringing on a $2 billion RIA just last month.
According to industry players who commented on Restieri’s hire, THL and the Hightower board may be looking for him to better align the RIA’s 144 advisory practices for long-term organic growth. He can also bring his institutional advisory knowledge fully integrate NEPC, an institutional consulting firm and outsourced chief investment officer that Hightower acquired a majority stake in last year.
“Hightower is positioned for transformational growth,” CEO Restieri said in a statement. “The result of a valuable experience for our clients and advisors is increased opportunities for growth, both organic and inorganic.”
The firm declined to make Restieri available for an interview.
Oros joined Hightower as CEO in early 2019 after leadership roles at Charles Schwab, LPL Financial, Fidelity and HD Vest Financial Services. He has since become a prominent voice in the RIA industry as firms such as Hightower have rapidly grown in scale. As a board member, he will work on “strategic continuity” and a “seamless transition for the firm’s growing client base,” Hightower wrote in the announcement.
“I’ve watched the firm over the past 6 1/2 years thrive even in the face of economic uncertainty and market volatility,” Oros said in a statement. “I’m confident that Larry is going to lead Hightower toward more success, while maintaining and protecting the solid core of the firm and its values.”
Hightower works with advisors in its network in areas including business development consulting, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. They also get access to M&A guidance, succession planning and capital resources.
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