Latest news with #Cresset
Yahoo
10 hours ago
- Business
- Yahoo
Cresset Merges with $124B Institutional Consulting Firm
You can find original article here Wealthmanagement. Subscribe to our free daily Wealthmanagement newsletter. Cresset, a $72 billion registered investment advisor based in Chicago, announced plans to merge with Monticello Associates, an employee-owned institutional consulting firm with $124 billion in assets under advisement. The deal, expected to close later this year, adds to Cresset's institutional advisory capabilities and brings the RIA's total assets to nearly $200 billion. Denver-based Monticello was founded in 1992 by Grady Durham and serves 175 clients, including foundations, endowments and family offices. The entire Monticello team, which comprises 58 team members, will join Cresset. In addition to Denver, the firm also has offices in Cleveland, Boston and Washington, D.C. Monticello will continue to operate as an independent brand, led by Durham. Susie Cranston, president of Cresset, said the combination of the two firms will benefit clients on both sides who may have a need for new capabilities. 'Maybe one of Monticello's client's investment committees personally would like some support, and they're looking for an introduction," she said. 'Or, it could be that some of the family offices that Monticello serves need some augmentation in some area that they don't provide services in. Similarly, on Cresset's side, we have quite a few clients that serve on different endowments, foundations boards, and they need investment consulting expertise.' Over the last several years, many in the RIA business have made concerted efforts to serve the institutional market. For example, one of the biggest RIAs in the country, Mariner Wealth Advisors, acquired two institutional consulting firms, AndCo Consulting and Fourth Street Performance Partners, last year, adding $104 billion in assets and 100 employees. Late last year, Hightower took a majority interest in NEPC, an institutional consulting firm and outsourced chief investment officer (OCIO). And SageView Advisory Group, a California-based registered investment advisory firm, recently acquired CAP STRAT, an Oakbrook Terrace, Ill.-based institutional retirement plan consulting and wealth management firm with $25 billion in assets. 'This is a trend that you will see continue as our business moves forward, as the industry moves forward, because it is such a fantastic way for clients to be better served, for capabilities to be added to all sides," Cranston said. Cresset was founded by Eric Becker and Stein in 2017 to manage their own families' assets. The duo came out of the private equity world, and the firm has focused on bringing private placements to its wealthy clients. It serves high-net-worth clients, including entrepreneurs, CEOs and executives, as well as multigenerational families. Cresset provides boutique family office services, personalized wealth management, private investing opportunities and a community focused on peer-to-peer learning. Late last year, Cresset sold a minority stake to Constellation Wealth Capital, the private equity company created by former Emigrant Partners CEO Karl Heckenberg to invest in the growing RIA channel. Sign in to access your portfolio
BBC News
02-07-2025
- Entertainment
- BBC News
New director hopes to invest in future of theatre in Bretton
A new director hopes to invest in the future of a theatre and arts venue in a Chantal said much had changed since The Cresset in Bretton, Peterborough, first opened almost 50 years ago and wanted to support its future said it was going through "an incredible programme of transformation" as the site needed investment in terms of resource and reimagination. Ms Chantal, 57, added the team would look to refresh its events programmes and reinstate the mission of the building to serve the community and young people. The Cresset is owned by the YMCA Trinity Group and is home to performance spaces as well as a library, day care centre, shops, church and pub. It is self funding and year end profits are put back into the work of the charity."It's not just a theatre, its a community hub, a place that is open from 07:00 to 23:00... with conference facilities, weddings and a really busy youth programme on stage and in the community with the YMCA."Ms Chantal added: "One of the things I want to do is bring in more original music as well as the really great fun tribute acts we are well-known for and bring in different music here like jazz, country [and] western, opera or local orchestras."We want the community to be a part of this venue in the way it was originally conceived to be the community hub of Bretton." It was devised in the 1970s by Sir Harold Haywood and was officially opened in 1978 by HM The Queen with Prince Chantal joined the theatre and events complex this year after a report was commissioned by the Cresset Board in partnership with Peterborough City Council. It said its recommendations would be implemented over the next five wanted to hear suggestions of what the wider community wanted to see at the site and hoped to bring in more ideas and bigger audiences. Ms Chantal added: "Some of our staff have been here 40 years, they come and they stay because they love it and they care about The Cresset and you can feel that."You can feel it in the way that they behave and treat the audience as guests to their home, it's a very different vibe to the theatres I've worked in for the last 40 years." Follow Peterborough news on BBC Sounds, Facebook, Instagram and X.
Bloomberg
05-06-2025
- Business
- Bloomberg
Wealth Firm Cresset Taps Private Credit to Weather Market Swings
Wealth management firm Cresset Capital has turned to private credit to boost client returns as President Donald Trump's on-off tariffs policy stokes turbulence across financial markets. The Chicago-based company, which manages more than $65 billion on behalf of clients, has increased its allocation to private credit to as much as 20% in one of its strategies, said Chief Investment Officer Jack Ablin. Cresset wasn't involved in that market at all prior to 2022 because the risk was too high relative to returns, he said.
