The acquisition expands Cresset’s scale and deepens its presence in
Northern California while enhancing access for Cypress’ clients to
private investment opportunities and sophisticated wealth management and
family office services.
SAN FRANCISCO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/RIA?src=hash” target=”_blank”gt;#RIAlt;/agt;–Cresset Asset Management (“Cresset”) announced today the acquisition of
Cypress Wealth Advisors (“Cypress”), a San Francisco-based SEC
Registered Investment Advisor (“RIA”) with more than $500 million in
assets under management. This partnership bolsters Cresset’s ability to
serve clients in San Francisco and related markets with comprehensive
wealth management and family office services, as well as institutional
quality private investment opportunities. Cresset recently announced the
acquisition of Evanston Advisors, an RIA based in the Chicago area with
more than $500 million in client assets under management. Cresset also
announced plans to pursue similar partnerships with firms that align
with Cresset’s culture and strategic vision.
Cypress was founded in 2004 and focuses on developing investment
management, tax and estate planning strategies to preserve, maximize and
successfully transfer wealth. The Cypress team, all of whom have joined
Cresset in San Francisco, will continue serving existing and new clients.
“At Cypress, we are committed to helping grow and protect our clients’
wealth so they can live life on their own terms. We take that trust very
seriously, which is why we are so pleased and confident to partner with
a firm with the scale and capabilities of Cresset,” said Barbara Young,
Founder, Chief Executive Officer and Chief Investment Officer for
Cypress. “Cresset is client focused as a privately held and client- and
employee-owned firm. We could not imagine a better partner to serve our
clients going forward. I am excited about the tremendous opportunities
we have to grow with Cresset over the long term.”
Cresset was founded in 2017 with a vision to reinvent the way people
experience wealth. As long-time industry 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.
“In the Cypress team, Cresset has found a kindred spirit in terms of how
we believe clients should be treated and the impact wealth can have,”
Stein said. “Our mutual dedication to client alignment and a commitment
to providing access to a full suite of sophisticated family office
services and private investment opportunities make this an ideal
partnership.”
“We founded Cresset with the vision of expanding our ecosystem for our
clients by partnering with the very best talent that is committed to
building a best-in-class, multi-family-office platform that will endure
for the very long term,” Becker said. “Barbara exemplifies that vision
as a veteran private investor and trusted advisor who is highly involved
across the broader family office and wealth management community. It is
a privilege to welcome Barbara and her partners into the Cresset family
and to have the opportunity to grow together for many years to come.”
Cresset’s growth initiatives focus on organic investments in its core
markets along with targeted complementary acquisitions of independent
RIAs. “Cresset continues to explore aligning with firms like Cypress
that reflect and embrace our vision, client-centric 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
Entrepreneurs Eric Becker and Avy Stein founded Cresset with a vision to
reinvent wealth management, with a firm belief that clients deserve
better. Cresset has offices in Chicago, West Palm Beach, San Francisco,
Seattle, Denver and Minneapolis. The firm offers individuals and
families access to a comprehensive suite of family office services,
personalized wealth management, investment advisory, planning, and other
services through Cresset Asset Management, an SEC Registered Investment
Advisor with expected assets under management to be more than $4.5
billion in combination with Cypress. Cresset Partners, Cresset’s private
investing affiliate, offers clients and other investors direct access to
institutional quality real estate, private equity, and other investment
opportunities. Learn more at https://cressetcapital.com.
Contacts
Michael Walsh
[email protected]
612-718-8952
