Cresset Asset Management, the fast-growing wealth manager headquartered in Chicago, has announced plans to merge with Berman Capital Advisors, a $4.7 billion multifamily office based in Atlanta and Austin. The deal, expected to close on Thursday, will create a $20 billion multifamily office in 11 markets across the United States.
Berman’s 33 team members will join Cresset, expanding the RIA’s presence in the Atlanta region.
Berman was founded in 2010 by CEO Justin Berman, who previously worked in Goldman Sachs’ private wealth management division. The firm provides comprehensive wealth management and family office services.
Cresset was founded by Eric Becker and Avy Stein in 2017 to serve the wealthiest clients and family offices. Becker and Stein came out of the private equity world, and bringing private placements to their wealthy clients has been a focus of the firm.
In May, Cresset hired Gabriel Garcia, former managing director and head of business management and strategy at E*Trade Advisors, as managing director, corporate development. Garcia was tasked with building the company’s growth in the RIA space by leading M&A efforts to attract firms and advisory teams to join the multifamily office.
In February, Cresset attracted Goldman Sachs alum Hanley Sayers to expand the firm’s presence in Texas. In June 2020, the company acquired PagnatoKarp, a former Hightower firm with $2.3 billion in assets.
While the firm has been active in the M&A market, nearly two-thirds of Cresset’s growth has been organic.