Chicago-based Cresset Asset Management and TRUE Capital Management, a New York City wealth manager that focuses on pro-athletes and entertainers, today announced that they have merged, creating a multifamily office with nearly $33 billion in assets under management and with offices in 19 locations around the nation.
The partnership will provide TRUE clients “access to Cresset’s scale and national footprint, including its extensive family office services, goals-based financial planning, institutional-quality private investments, and lifestyle services,” a news release said.
TRUE, which has more than 350 clients, managed $1.7 billion as of February 22, the release said. Its roster includes current and former athletes such as National Football League players Marshawn Lynch, Robert Griffin III, Richard Sherman and Logan Ryan; National Basketball Association player Deandre Ayton and WNBA players Nneka Ogwumike, Kelsey Plum, Breanna Stewart, and Diana Taurasi; and Major League Baseball player Albert Pujols, the release said
“We are thrilled to be joining forces with Cresset,” TRUE CEO Doug Raetz said in a statement. “Since we started TRUE in 2007, our priority has been to build relationships with our clients based on transparency and trust as they navigate the rare opportunities and unique challenges that come with wealth. That commitment will only be strengthened and enhanced with Cresset."
TRUE COO Heather Goodman said, “As we’ve worked closely with Cresset, it has become clear that the entire Cresset team shares our goals and values. It’s an excellent cultural fit, and we are excited to explore new ways to create and deliver success stories for our clients.
Avy Stein, Cresset co-founder and co-chairman, said when they first met the TRUE team several years ago, “we found kindred spirits in terms of how we believe clients should be treated and the positive impact wealth can have. Our mutual dedication to providing access to a full suite of sophisticated family office services and private investment opportunities makes this an ideal partnership.” Stein cofounded Cresset with Eric Becker in 2017.