Chicago-based Cresset Asset Management has acquired Evanston Advisors, a registered investment adviser with more than $500m in client assets under management.
Financial details of the deal have not been disclosed by any group.
The decision to acquire the Evanston, Illinois based firm is part of Cresset Asset Management’s strategy to increases its market share in Chicago area.
Founded in 1982, Evanston employs 11 people in total. It is led by co-founder Keith Cantrell and principals Nathan Snodgrass and Dave Jackson.
As a part of the agreement, all of them have joined the Cresset team and will continue serve their existing clients.
Commenting on the acquisition, Cresset co-founder Avy Stein said: “We have been impressed by what they have built over several decades, and we are eager to work closely with Keith, Nathan, Dave and their team to continue Evanston’s long track record of outstanding client service and wealth management.”
Cresset was founded in 2017 with a vision to reinvent the way people experience wealth. As long-time industry clients themselves, Stein and Co-Founder Eric Becker set out to create a firm that delivered the comprehensive, personalized services they felt were missing in the wealth management industry.
Cresset Asset Management, which was co-founded by Stein and Eric Becker, said to manage almost $4bn from its headquarters in Chicago.
Becker said: “Both Cresset and the Evanston team take pride in being independent and client- and employee-owned. As we became better acquainted with the Evanston team over the past year, we became increasingly excited by the many clear similarities in approach and philosophy between our organizations.
“We are pleased to share our respective best practices and to build upon the common cultures our firms have created.”