Cresset Capital Management, founded by private equity entrepreneurs Eric Becker and Avy Stein, is launching Cresset Family Office.
Cresset has named Michael A Cole to serve as CEO of the new venture. Cole most recently served as president and founder of Ascent Private Capital Management and formerly was head of the predecessor to Abbot Downing at Wells Fargo. Cresset also has hired Kevin S Long, formerly senior director of Western & Midwestern US Markets with Abbot Downing, to be a senior managing director for Cresset.
“What an incredible privilege to partner with two of the very top leaders and subject matter experts in the family office community,” says Becker. “During their respective careers, Michael and Kevin have built three of the largest and most successful multi-family offices in the country and now have chosen to build the next generation multi-family office on our independent, family- and employee-owned platform that is built for the very long term.”
“The philosophy, the team, the technology, the independence, the permanence – everything Cresset has developed – is second to none,” says Cole, of San Francisco, who has more than 30 years of industry experience and recently authored the book More Than Money: A Guide to Sustaining Wealth and Preserving the Family. “The independent environment and uncompromising philosophy of client alignment that Cresset offers is the optimal setting to build the future of family office services. I could not be more pleased to be joining Cresset and partnering with the team to build a truly differentiated multi-family office.”
Long echoes Cole’s sentiments. “Cresset is an industry leader, and I am excited about what we will create together,” he says. “I look forward to making Cresset’s excellent platform accessible to a broad range of clients who deserve and expect world-class services and advice.”
“As clients ourselves, it was important for Eric and me to create a firm that is family- and employee-owned, provides unique access to private investment opportunities and offers our clients tailored family office services at a level traditional wealth management firms do not provide,” says Stein. “We are excited to add Michael and Kevin’s extensive experience to our team, providing our clients with the comprehensive, highly personalised approach to wealth management that they deserve.”
Founded last year, Cresset started a wealth management platform, Cresset Wealth Advisors. Led by industry veteran Doug Regan, Cresset Wealth Advisors combines best-in-class wealth management services with direct access to private investments and recently surpassed USD2 billion in assets under management.
“We are combining our wealth management advisory platform with unrivalled excellence in family office services,” says Regan. “What we are creating represents a true evolution. We are looking at the whole person, the whole family.”