Home / Business and Economy / Cresset Lures $1.4B Team from Bernstein
Cresset Lures $1.4B Team from Bernstein
2 Dec
Summary
- Cresset expanded in Houston by adding a Bernstein team.
- The new team manages $1.4 billion in client assets.
- This move follows Cresset's recent acquisition of a Goldman Sachs team.
Cresset, a prominent multi-family office and wealth manager overseeing more than $235 billion, has significantly expanded its Houston operations. The firm recently welcomed a seasoned team from Bernstein Private Wealth Management, led by Michael Ellington, Zach Gardner, and Danique van der Velden. This group previously managed approximately $1.4 billion in assets, bringing with them a dedicated client base of entrepreneurs and ultra-high-net-worth families, with a specialization in financial planning surrounding significant transactions.
This strategic addition underscores Cresset's aggressive growth strategy. It follows closely on the heels of the firm successfully recruiting a wealth advisory team that managed over $1.8 billion from Goldman Sachs last month. Furthermore, Cresset recently completed a substantial merger with Monticello Associates, an advisory firm focused on institutional clients with over $124 billion in assets, reinforcing its position in the wealth management sector.
The expansion mirrors a broader industry trend, as large registered investment advisors like Creative Planning, Mariner, and Captrust have actively pursued significant acquisitions. These moves aim to enhance their capabilities, particularly in institutional and 401(k)-focused services. Cresset's recent team acquisitions and mergers signal a concerted effort to capture greater market share and offer comprehensive family office services.
