NEW YORK Aug 11 HighTower Advisors, the
Chicago-based broker-dealer, said on Monday it hired three
advisers away from Bank of America's Merrill Lynch
office in Fort Myers, Florida.
Pamela Abraham, Jack Thomas and Trevor Swartz officially
started at HighTower on Friday after resigning from Merrill
Lynch, where they managed $800 million in client assets.
All three brokers previously worked in the same office at
Merrill. However, Thomas and Swartz worked as partners, and
Abraham worked separately.
Abraham, a 33-year veteran of the industry, said the three
teamed up because they all wanted the freedom to take a more
individual approach with their clients, using their own style
and financial product platforms, and she felt that was no longer
possible at large brokerages like Merrill.
"The freedom I once enjoyed to do whatever was best for my
client has been challenged by numerous rules and regulations,
and I think that's true across the industry," Abraham said.
The three opened a new office for HighTower in Fort Myers.
A Merrill Lynch spokeswoman confirmed the advisers left but
declined to comment further.
(Reporting by Elizabeth Dilts; editing by Andrew Hay)