Cresset and PagnatoKarp Join Forces, Creating a $9.5 Billion RIA

Cresset Capital In the News

Cresset now ranks among the largest RIAs in the country based on assets.

CHICAGO – June 17, 2020 — Cresset Asset Management (“Cresset”) announced today it has combined with PagnatoKarp through an acquisition. PagnatoKarp is a Reston, Virginia-based SEC registered investment adviser (RIA) with $2.3 billion in assets under management (AUM). Together with PagnatoKarp, Cresset now has $9.5 billion in AUM and eight offices around the nation. The strategic combination places Cresset among the 25 largest RIAs in the country based on the methodology used from InvestmentNews’ RIA Data Center AUM.[1]

PagnatoKarp is an award-winning boutique multi-family office dedicated to transparency, integrity, and trustworthiness. Frequently ranked a Barron’s Top Advisor and a Forbes Top Advisor, PagnatoKarp is named 2020 best “Multi-Family Office ($2.5 billion to $5 billion AuM/AuA)” by Family Wealth Report.[2] Like Cresset, PagnatoKarp is employee-owned and prides itself on a culture of innovation and True Fiduciary® standards. All of PagnatoKarp’s team members are joining Cresset and will continue providing the same highly personalized private wealth management and family office services that clients have come to expect.

Cresset was founded in 2017 with a vision to reinvent the way people experience wealth. As long-time wealth management clients themselves, Co-Founders Eric Becker and Avy Stein set out to create a firm that delivered the comprehensive, personalized services they felt were missing in the wealth management industry. Today, Cresset offers individuals and families access to a comprehensive suite of family office services, private investing opportunities, and wealth advisory services.

“As a firm founded by clients, for clients, we are proud to partner with the team at PagnatoKarp, as they share our cultural values of access and transparency, as well as our intense focus on client success,” Becker said. “Together, our ability to deliver innovative family office, private investment, and wealth advisory services is truly exciting.”

“PagnatoKarp was born during the Great Recession in reaction to the lack of transparency in the industry. Our desire was to create a new paradigm for wealth management by democratizing the family office. In Cresset, we have found a partner that shares that vision and has the scale and depth of capabilities to greatly expand the services we offer to a broader segment of individuals and families,” said Paul Pagnato, CEO Founder of PagnatoKarp.

“We continue to explore aligning with firms like PagnatoKarp that share our unique vision, culture, and commitment to long-term growth,” said Chris Boehm, Managing Partner of Cresset Partners, who leads Cresset’s investments in the RIA sector.

About Cresset

Private equity entrepreneurs Eric Becker and Avy Stein founded Cresset with a vision to reinvent wealth management and with a firm belief that clients deserve better. Cresset offers individuals and families access to a comprehensive suite of family office services, deeply personalized wealth management, investment advisory, planning and other services through Cresset Asset Management, an SEC registered investment adviser. Cresset Partners, Cresset’s private investing group, offers clients direct access to real estate, private equity, and other investment opportunities. Together with Diversified Real Estate Capital, led by Larry Levy, Cresset Partners created a joint venture partnership focused on core real estate development investments in Qualified Opportunity Zones (QOZs). Cresset-Diversified recently announced the launch of its second fund, Cresset-Diversified QOZ Fund II, which targets Opportunity Zone projects with the potential for substantial risk-adjusted, tax-advantaged returns.[3] Learn more about Cresset here.

 

[1] The contents hereof are not to be used as the basis for making any investment decision and are not a recommendation of, or solicitation for, the subscription, purchase or sale of any security, including the fund mentioned herein.
[2] Source: Most recently updated on June 5, 2019, for fee-only advisors – https://data.investmentnews.com/ria/.
[3] Source: PagnatoKarp – https://www.pagnatokarp.com/rankings-and-awards.