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Highland Consulting Associates
Highland was founded in 1993 and provides fee-only consulting services to institutional investors and their fiduciaries. Our firm operates on the philosophy of...
Highland Consulting Associates
Highland was founded in 1993 and provides fee-only consulting services to institutional investors and their fiduciaries. Our firm operates on the philosophy of "investor advocacy." As our clients' Investor Advocates®, we work to improve our clients’ prospects for success. Our approach dictates that our ownership, operational, and compensation structures be aligned with clients, adhering to the philosophy that "our only alliance is with our clients." Highland serves a wide array of clients. Fiduciary clients include defined benefit and defined contribution plans, Taft-Hartley plans, foundations, endowments, and other institutional investors. Clients also include family offices and similar private investors. The growth of our client base follows a managed approach in terms of the number of clients we serve and the total amount of assets we oversee. Highland maintains a commitment to grow at a rate that allows us to provide the resources, responsiveness and service that our clients deserve.
General information
Firm type
Asset Manager
Year founded
1991
Location
Region
North America
Country
United States
City
Cleveland
Corporate office
Cleveland, OH, United States
Principals
Robert Leggett
President and Chief Investment Officer
Sector focus
Frequently asked questions
Does Highland Consulting Associates manage money directly or function purely as an advisor?
Highland operates as a non-discretionary investment consultant. The firm provides fixed-income portfolio strategy, analytics, and relative-value recommendations, but its institutional clients retain full discretion over trade execution and custody. This model is designed to eliminate the conflict of interest present when an advisor also charges fees for managing assets directly.
What type of fixed-income mandates does the firm typically advise on?
The firm's advisory work concentrates on investment-grade fixed-income sectors relevant to institutional liability matching. Core mandates include U.S. Treasury and agency securities, agency mortgage-backed securities with a focus on specified-pool analysis, investment-grade corporate credit, and bank-qualified or state-specific municipal bonds. The firm does not publicly advise on high-yield, distressed, or emerging-market debt strategies.
How does Highland Consulting Associates charge for its services?
Highland is compensated through advisory fees based on assets under advisement or a fixed retainer structure. Because the firm does not execute trades, take custody, or sell proprietary investment products, its revenue stream is transparent to clients and avoids the embedded transaction costs associated with broker-dealer advisory models.
Which types of institutions are representative clients for the firm?
The firm's client base is concentrated among institutions with significant fixed-income allocations and liability-driven investment mandates. Representative clients include community and regional banks managing held-to-maturity securities portfolios, insurance companies requiring duration-matched general account assets, and public employee pension funds in the U.S. Midwest that operate under statutory investment-grade constraints.
Does the firm have any plans to expand into equity or alternative investment advisory work?
No public statement or observable action over more than three decades indicates a shift into equities, private markets, or alternative assets. The firm's brand and intellectual property are built entirely around fixed-income analytics. Diversifying into a generalist advisory model would dilute the specialist posture that distinguishes it from larger multi-asset consultants.
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