Cresset Asset Management Merges with Meristem Family Wealth

By Chris Glynn

Cresset Asset Management, a private wealth manager headquartered in Chicago with $22 billion in assets under management, has merged with $5.4 billion investment advisor Meristem Family Wealth to create a $27 billion multi-family office, according to a press release from owner Cresset Capital. Terms of the deal were not disclosed.


Meristem Family Wealth has 42 people on staff and is headquartered in Minnetonka, Minnesota. Its Meristem Trust Company, which is based in Sioux Falls, South Dakota, will merge under Cresset Asset Management, which had outsourced its trust company service.


The private wealth industry has been in a merger deal market beginning in 2020, with Channel Islands Group’s $270 million merger with Mariner Wealth Advisors and Canadian-based CI Financial Corporation, with $130 billion AUM, merging with San Francisco-based Portola Partners.


In addition to Meristem Family Wealth, Cresset Asset Management itself acquired $4.8 billion Berman Capital in June, following its 2020 deal for PagnatoKarp, a $2.5 billion registered investment advisor based in Washington, D.C.


Cresset Asset Management is owned by private capital firm Cresset Capital, founded by Eric Becker and Avy Stein.