# Highland Consulting Associates

Highland Consulting Associates is an Asset Manager based in Cleveland, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Cleveland, United States
- **Region:** North America
- **Address:** Cleveland, OH, United States
- **Founded:** 1991
- **Assets under management:** Undisclosed
- **Website:** highlandconsultingassociates.com

## Regulatory record

- **CRD number:** 109834
- **SEC file number:** 801-46040
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/109834

## About

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.

## Sectors

- Fixed Income
- Investment Grade Credit

## People

- Robert Leggett — President and Chief Investment Officer

## 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.

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Last updated: 2026-06-03T20:00:00.000Z

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