James Pupillo has broken out of Morgan Stanley affiliate Greystone Consulting to RIA consolidator HighTower, taking part of a $2.5 billion clientele with him.
Pupillo is a 25-year veteran of the industry who came to Greystone via the Citigroup Smith Barney merger in 2009.
Yes, this makes him yet another Citi advisor who did not manage to be happy enough under the Morgan Stanley banner to stay.
He's an especially big win for HighTower, given his heavy concentration on institutional and high-net-worth accounts.
While he probably won't take all of his team's $2.5 billion in AUM -- much less the entire team -- whatever he moves will definitely move the needle. Right now, HighTower is running maybe $20 billion across its network.