US-based boutique multi-family office Cresset Asset Management has agreed to acquire Berman Capital Advisors, which manages $4.7 bn in assets for clients.
The transaction, whose financial terms are undisclosed, is expected to conclude on 30 September 2021.
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Founded in 2010, Berman is an independent multi-family office that operates in Atlanta and Austin. The firm provides personalised wealth management and family office services.
The deal will make Cresset a $20bin multi-family office with a presence in 11 US markets. It will also significantly expand the firm’s existing team in Atlanta.
Under the agreement, Berman’s team of 33 employees will join Cresset.
Berman Capital Advisors founder and CEO Justin Berman said: “Cresset is the partner we’ve been seeking to take our business to the next level, offer our clients an even broader array of services, and provide career development opportunities and increased ownership for our team.
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By GlobalData“We are excited to share with existing and new clients alike the truly holistic suite of innovative wealth management, family office, and private investment offerings we can provide together.”
Established in 2017, Cresset provides a range of family office, wealth management and advisory services to individuals and families through Cresset Asset Management.
The firm also has private investing group, called Cresset Partners, which offers clients direct access to institutional-quality real estate, private equity, private credit, and other investment opportunities.
Commenting on the deal, Cresset co-founder Avy Stein said: “Cresset and Berman are a strong cultural fit and share a commitment to excellence, integrity, independence, and results. Together, we will offer even greater access to our boutique family office services.
“Both the Cresset and Berman teams are extremely entrepreneurial in our approach to client service and investment strategy. I am very excited for what’s to come as partners.”
In 2019, Cresset acquired Virginia-based RIA PagnatoKarp.
The firm also purchased Cypress Wealth Advisors and Evanston Advisors the same year, expanding its presence across the country.
