By Kenneth Corbin
Hightower President Roberto Stewart is stepping down from his position less than three months after the Chicago-based mega-registered investment advisory firm announced his hiring.
"Roberto has made the difficult decision to step away from his role for personal reasons," Jenn Anderson, Hightower's chief marketing officer, tells Barron's Advisor.
"He remains committed to Hightower and will work closely with the leadership team to support a smooth transition," she adds. "We are grateful for his leadership and contributions to the firm and wish him all the best." She says the firm plans to name a replacement in the near future.
Anderson declined to answer questions about the timing of Stewart's departure and if he will continue to have any involvement with the firm.
The news comes as Hightower has embarked on an initiative to consolidate the advisory practices it has acquired under its own brand, shifting toward a more centralized model that will put Hightower in the center of client relationships. That has been the most visible shift under the leadership of CEO Larry Restieri, who joined Hightower a little more than a year ago after a long tenure as an executive at Goldman Sachs.
Stewart came to Hightower from the insurance company Engle Martin, where he served as chief operating officer. His experience scaling business platforms and overseeing the integration of acquired companies seemed to be a good fit for his role at Hightower, where he was charged with overseeing the development of the firm's back- and middle-office platform.
In addition to his role as president, Stewart also held the title of chief business officer at Hightower. At the time of Stewart's hiring in mid-April, Restieri praised him as a "proven leader who knows how to simplify complexity and build platforms that drive long-term value."
Prior to his tenure at Engle Martin, Stewart had stints at AIG, McKinsey, and Allstate.
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.