Chicago-based Cresset Asset Management has acquired Reston, Virginia-based RIA PagnatoKarp for an undisclosed sum.

The addition of PagnatoKarp, with $2.3bn in AUM, will increase Cresset’s AUM to $9.5bn.

The combined group will have eight offices across the US.

PagnatoKarp CEO and founder Paul Pagnato said: “PagnatoKarp was born during the Great Recession in reaction to the lack of transparency in the industry. Our desire was to create a new paradigm for wealth management by democratising the family office.

“In Cresset, we have found a partner that shares that vision and has the scale and depth of capabilities to greatly expand the services we offer to a broader segment of individuals and families.”

All PagnatoKarp employees will move to Cresset as part of the US and continue to offer private wealth management and family office services.

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By GlobalData

Commenting on the consolidation, Cresset co-founder Eric Becker said: “Together, our ability to deliver innovative family office, private investment, and wealth advisory services is truly exciting.”

Cresset, which offers family office, private investing, and wealth advisory services, has been expanding in the US through several acquisitions.

Last month, Cresset snapped up Cypress Wealth Advisors, a California-based RIA with more than $500m in assets.

Earlier this year, Cresset acquired $500m Illinois-based RIA Evanston Advisors.