Monticello Associates, an independent investment consulting firm, and Cresset Asset Management LLC, a multi-family office and registered investment adviser, announced Monday they formed a partnership which is expected to close later this year.
Monticello Associates, headquartered in Denver, oversaw about $124 billion of assets under advisement as of December 31. Cresset, headquartered in Chicago, oversaw about $72 billion in assets under management as of July 1.
Monticello provides non-discretionary investment advisory services to foundations, endowments, and family offices, working with 175 long-term clients, according to a statement from the companies about the deal.
The partnership will enable Cresset to expand its institutional advisory offerings by tapping into Monticello’s relationships and manager research resources. Combinations of wealth managers, institutional consulting and, in some cases, but not this one, outsourced chief investment officer firms have been more frequent over the last year, as firms serving institutional clients are increasingly interested in accessing retail, high-net worth and family office investors.
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Under the agreement, all 58 team members at Monticello Associates will join Cresset.
“Together, our combined scale will bring significant additional opportunities to our clients,” said Eric Becker, Cresset’s founder and co-chairman. “Just as importantly, Cresset and Monticello Associates are a strong cultural fit in terms of values, investment philosophy and long-term vision. We share a client-first mentality and are both proudly independent, entrepreneurial and driven by innovation.”
“Our partnership with Cresset … ensures continuity for our clients, while enhancing our ability to meet their evolving needs,” said Grady Durham, founder and executive chairman of Monticello Associates. “Our entire team is proud to join forces with a firm that reflects our values and vision.”
Monticello Associates also has offices in ?Cleveland, Boston and Washington.
Tags: Cresset Capital, Family Offices, Mergers and Acquisitions
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