Liz Nesvold, who resigned as president of $40.7 billion RIA Cresset at the beginning of this month, he held a concert at Emigrant Bank as vice president.
She will work closely with units across the bank that touch on the wealth management business, including Emigrant Partners, New York Private Trust, Sarasota Private Trust and Cleveland Private Trust, Chairman and CEO Howard Milstein said in a statement. She will also work with units serving the high net worth and very high net worth markets, such as Summitas and Personal Risk Management Solutions.
“As the wealth management industry becomes increasingly complex, now more than ever, wealth management firm leaders need strategic partners who understand their businesses – particularly the sanctity of the fiduciary duty owed to clients – and the opportunities forward,” Nesvold said in a statement. .
Nesvold will serve as chairman of Emigrant Partners, which provides capital and advisory services to RIAs, and will work closely with Jenny Souza, president and CEO of that unit.
Emigrant Partners has become one of the most active minority investors in wealth management firms, investing over $530 million in 30 wealth and asset management companies over its 17 years. of the firm acquired the Fiduciary Networkan RIA aggregator, in 2018. The unit now has 20 partner firms representing $100 billion in assets under management and advice, and combined revenues of more than $400 million.
Nesvold has a long history of working with Emigrant. In 2017, she represented the bank in its sale of HPM Partners (now Cerity Partners) to private equity firm Lightyear. She also advised the bank on the sale of the Emigrant Partners Pathstone firm to Lovell Minnick Partners, as well as six other Emigrant Partners transactions.
She left her post at Cresset, a fast-growing RIA, a few weeks ago after just nine months in the newly created role of president. According to sources with knowledge of the departure, the departure was anything but sudden. An industry insider told WealthManagement.com that they believe Nesvold felt constrained and was frustrated by changing mandates at the rapidly expanding RIA.
Chicago-based Cresset was founded in 2017 as a family office to serve the families of its founders, Eric Becker and Avy Stein. The pair soon began offering comprehensive wealth management to ultra-wealthy families across the country and, by the summer of 2020, had completed three acquisitions and grew to $9.5 billion in assets and eight offices.
before joining CressetNesvold spent four years running the asset and wealth management unit at Raymond James Investment Bank, which acquired the 12-year-old firm she founded and ran with her husband, Silver Lane Advisors, in 2019. Before Silver Lane, Nesvold spent 15 years with Berkshire Global Advisors.