NEW YORK, Nov 25 (Reuters) - HighTower Advisors, an independent, adviser-owned firm that has grown by hiring from top U.S. brokerages, said on Monday that a Merrill Lynch adviser and her team have partnered with the firm.
Laurie Kamhi and her team, including analyst Christine Torrey and private wealth associate Karman Tong, have joined HighTower's New York headquarters from Merrill Lynch Private Banking and Investment Group, where they managed $320 million in client assets.
The team, known as LCK Wealth Management, joined HighTower last Friday. A representative for HighTower declined to comment on the team's annual revenue production while at Merrill.
A Merrill Lynch spokeswoman confirmed the departures but declined further comment.
Kamhi told Reuters that she was in the process of meeting with her clients to ask them to join her at HighTower and has received "very positive feedback."
Kamhi, who worked at Merrill for more than 20 years according to a regulatory filing, also said that she and her team will consider how best to expand their business once they have settled at HighTower.
"They're leaving a conflicted world of Wall Street that lacks transparency," said Mike Papedis, executive vice president at HighTower. "They want to be on the right side of the tracks in serving sophisticated clients," he said.
The Kahmi-led partnership is the third to join HighTower in the past three weeks. A team led by former Merrill Lynch Wealth Management adviser Charles Andriole joined on Nov. 15, while a team led by former UBS Wealth Management Americas adviser Peter Klein joined on Nov. 8.