Posted on 05/27/2022
Cresset Asset Management, LLC (Cresset) signed a deal to merge with Meristem Family Wealth, LLC. The deal will grow Cresset’s AUM to more than US$ 27 billion in assets under management. The merger is expected to be complete within 30 days, pending regulatory approval. Both companies started as shared family offices serving a fixed number of wealthy families.
Meristem is an independent wealth management firm with US$ 5.4 billion in assets under management as of December 31, 2021. Founded in 1999, Meristem has offices in Minnetonka, Minn; Naples, Fla.; Scottsdale, Ariz.; and Sioux Falls, S.D. Meristem engages enterprising families who are securing and extending their wealth in order to make an impact for themselves, future generations, and their communities. Meristem serves as the Family Financial Officer for client families, simplifying the complexity that wealth brings and coordinating all financial aspects for families across generations.
Meristem’s subsidiary, Meristem Trust Company (MTC), based in South Dakota, will also be merging with Cresset. MTC was formed as an independent trust company in 2015. The South Dakota presence positions MTC to offer the benefits of trust laws and significant asset protection. In addition, Meristem offers a risk management program that inventories all insurance aspects of a client family to identify gaps and potential opportunities.
All 42 of Meristem’s team members are joining Cresset as part of the merger. Meristem’s clients will continue to work with the same team of advisors and support professionals they know well and will now have access to an expanded set of services, including institutional-quality private investments through Cresset Partners, family governance and education, peer-to-peer learning opportunities and more.
Eric Becker and Avy Stein founded Cresset in 2017 for their families to create the kind of firm they felt was missing in the industry.