Cresset is buying a Michigan-based multifamily office with about $1.6 billion in assets under management. The deal will bring Cresset's total assets under management to more than $52 billion.
The Connable Office was founded as a family office in the late 1800s and is one of the nation's oldest family offices. It has worked with seven generations of the founding family and has spread to others across the country. Loyal Eldridge III, Kenneth Larason, James Melvin and Bradley Weller lead the firm.
Cresset co-founder Eric Becker said the two firms were “an incredible cultural fit.”
“We are the powerful combination of a firm with a heritage of over 100 years and one that is built for the next 100 years,” Becker said of the deal.
The acquisition will enhance Cresset's existing trust administration services, while allowing Connable family clients to access Cresset's private investment program, family and education governance programs and concierge services, among other attributes .
Republic Capital Group served as financial advisor to the deal and Alston & Bird LLP was on board as Connable's legal advisor.
The agreement comes a few months later Liz Nesvold resigned as president of Cresset. Nine months ago, Nesvold stepped into the newly created role but left because, according to industry sources, she felt constrained and was frustrated with changing mandates at RIA. In February, Nesvold landed at Emigrant Bank as vice president.
After Nesvold took over, Cresset continued to expand, including acquiring a $1.7 billion RIA to form its sports and entertainment unit. The firm also withdrew from the Broker Protocol in early 2024 in an unexpected manner after joining it in 2023. It also confirmed that it was looking for a minority investor to raise capital for more acquisitions and recruitments.
Last month, Cresset poached a pair of San Francisco-based consulting teams with assets under management totaling more than $5 billion. The teams originally came from JP Morgan Wealth Management. However, JPMorgan acquired both when it bought First Republic's wealth unit in the wake of the regional bank's collapse in 2023.
Cresset is based in Chicago and was founded in 2017 as a family office for founders Eric Becker and Avy Stein. However, the firm expanded to include wealth management for ultra-wealthy families and grew to $9.5 billion in assets within three years.
It includes a family office, a wealth management platform (including the aforementioned sports and entertainment division) and a trust company and investment management unit.