Cresset, a client- and employee-owned multi-family office built by entrepreneurs for entrepreneurs, is merging with independent investment consulting firm, Monticello Associates in a deal that would see the new firm, collectively, have nearly $200B in assets under management.
Founded in 1992 by Grady Durham, Monticello provides non-discretionary investment advisory services to foundations, endowments, and family offices, including experience advising clients under the outsourced chief investment officer model. The deal would provide Cresset with access to leading fund managers in both public and private markets, pairing Monticello’s institutional advisory business with Cresset’s multi-family office platform.
“We’re thrilled to join forces with the team at Monticello Associates, a firm we’ve long respected for its deep expertise and sterling reputation in institutional investment advisory,” said Avy Stein, Cresset’s co-founder and co-chairman, in a press release. “Our decades-long relationship with their leadership is rooted in shared values and a client-first mindset. Together, we’re creating a platform that not only expands access to premier investment opportunities across public and private markets but also strengthens our vision to build a 100-year firm dedicated to serving families and institutions with purpose, care, and innovation.”
In the release, Eric Becker, Cresset’s co-founder and co-chairman, said the companies’ combined scale will bring significant additional opportunities to the firm’s clients. “Cresset and Monticello Associates are a strong cultural fit in terms of values, investment philosophy, and long-term vision. We share a client-first mentality and are both proudly independent, entrepreneurial, and driven by innovation. We could not be more excited about what the future holds.”
As of Dec. 31, 2024, Monticello had roughly $124B non-discretionary assets under advisement, noted the release. The advisory firm is headquartered in Denver, with offices in Cleveland, Boston, and Washington, D.C. The merger will bring Monticello’s 58-person team into Cresset, pairing Cresset’s multi-family office platform with Monticello’s investment consulting capabilities.
In the release, Durham, who is also Monticello’s executive chairman, noted the partnership will help ensure continuity for its clients, while enhancing its ability to meet their evolving needs. “Together, we bring robust research capabilities, global investment access, and a shared culture rooted in independence, excellence, and long-term alignment. Our entire team is proud to join forces with a firm that reflects our values and vision.”
The merger is expected to close later this year.
