RIA Rising

HighTower recruits $1B Merrill private banking team

HighTower Advisors, the national RIA based in Chicago, continues to poach from the wirehouses. It said today that it has recruited Paul A. Pagnato and David W. Karp in Washington, D.C., formerly of Merrill Lynch's Private Banking and Investment Group.

The team reports assets under management of $1 billion. The move was official on July 29. It's the sixth wirehouse team that HighTower has brought on this year, and the first private banking group, the RIA says.

Last month HighTower brought on VWG Wealth Management, a former Morgan Stanley Smith Barney team in Vienna, Va. with assets of $700 million. HighTower has also signed up three Merrill Lynch teams in Palm Desert, Calif,, Naples, Fla. and Portland, Me., and another Morgan Stanley team in Palm Desert.

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