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$260M UBS team goes indie with HighTower

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A UBS team that oversaw $260 million in client assets has gone independent with HighTower, according to the firm.

Jake Falcon and Cory Bittner opened for business in Mission Woods, Kansas, which is also the first independent practice for HighTower in the state, according to a statement from the firm.

The largest teams to go indie this year managed more than $5 billion in client assets.
July 7

The largest recruits managed more than $17 billion in client assets.
July 11

Falcon joined UBS in Oct. 2006 after a brief stint at Edward Jones, according to FINRA BrokerCheck records. Bittner, who had started his career at UBS, was with wirehouse since Dec. 2011, FINRA records show.

A spokesman for UBS could not immediately be reached for comment.

The advisers were the first team to obtain startup capital from HighTower, said Michael Parker, the firm's chief development officer. "We provided the team capital support, it's not a recruiting package," Parker told On Wall Street.

HighTower has opened more than 50 offices since the firm was started in 2008, according to a spokeswoman.

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