Will Bob Oros’ PE-backed strategy for HighTower work?
After using a variety of strategies to grow to nearly $50 billion in AUM over the last 11 years, HighTower Advisors is unfurling its roadmap to build up value for an eventual liquidity event.
“Private equity is not long-term capital and Thomas H. Lee Partners [the RIA’s majority shareholder] is no different,” says HighTower CEO Bob Oros. “But Lee has patient capital, and if we build the firm the right way we will have quite a few options when the time comes [to make a decision]. We want to build enterprise value that people will be attracted to.”
But how exactly does Oros, the former Fidelity and H.D. Vest executive who replaced Elliot Weissbluth as CEO in January, plan to do that?