HighTower recruits $550 million UBS team

After recruiting 13 practices last year, hybrid wealth management firm HighTower Advisors has made its first in 2015 and said it's hoping for more. HighTower has brought on a $550 million team from UBS Wealth Management in New York. The team, which operates as TC Wealth Management, includes J. Emmett Towey and J. Michael Cantore III. They also are joined by fellow UBS adviser Michael Tobin. The group has elected to affiliate with the firm's partnership model and take some ownership stake in HighTower. HighTower has close to 50 teams in its partnership. It also has an option for advisers to affiliate as part of its network, and last year it began a fee-for-service model. All three advisers began at Citigroup Global Markets Inc. before moving to UBS in 2007. UBS does not comment on adviser departures, according to spokesman Gregg Rosenberg.