Cresset, a national fee-only RIA headquartered in Chicago, has appointed Patrick Canning as its vice chairman, the company announced today.

Canning comes to Cresset after 38 years of service with KPMG, where he served as managing partner of the firm’s Chicago office and lead director on its board of directors before retiring last month. As vice chairman at Cresset, Canning will be responsible for business development across the organization, the company said.

Canning said in a news release that he will be working with Cresset executives to pursue the company's M&A strategy.

“I am thrilled to join Cresset and believe there is a huge opportunity for additional growth," Canning said in the release. "I look forward to contributing to the firm’s client-centric strategy and I’m excited about what the future will hold."

In February 2020, Cresset Capital acquired a minority stake in TRUE Capital, which manages more than $1.2 billion in client assets for about 200 high-net-worth and ultra-high-net-worth households. Under terms of the deal, Cresset said it would support TRUE’s growth strategy and that the two firms would collaborate on investment opportunities.

During his almost four decades of service with KPMG, Canning was responsible for overseeing the delivery of client service, development of marketplace strategy, attracting and retaining key resources, and representing the firm in the marketplace, Cresset said.

indicated in comments made in a news release that Canning’s experience and skills would add value to his company. 

“Pat brings tremendous experience in serving clients, from private equity to multibillion-dollar businesses, and we couldn’t be more excited to welcome him to Cresset,” Cresset founder and co-chairman Avy Stein said in the release.

Canning, who lives with his family in Chicago, earned a bachelor’s degree in accounting from Providence College and is a CPA.