Change is afoot at Cresset as it welcomes an seasoned compliance leader to its C-suite.
The firm announced Monday that it has appointed Amy Hong as its new chief compliance officer and executive managing director. With decades of experience in the financial services industry, Hong is taking over from Bob Pagliuco, who has held the role since 2018 and recently announced his retirement.
Cresset, an independent multi-family office and private investment firm, manages more than $50 billion in assets through its SEC-registered investment advisory division, Cresset Asset Management.
Amy brings a proven track record of leading teams through inclusive collaboration and is known for being a highly effective compliance leader who is passionate about operational excellence," Avy Stein, co-founder and co-chairman of Cresset, said in a statement Monday. "We could not be more excited to welcome her to the Cresset team."
Hong joins Cresset with over 25 years of experience in the financial services sector, including her most recent position as managing director of asset and wealth management operations at JPMorgan.
Prior to that, she held a similar role at First Republic Bank, which JPMorgan snapped up as part of a government-led rescue deal in the wake of the regional bank crisis in March last year.
At First Republic, Hong oversaw a team of 150 employees managing over $250 billion in assets. She has also served in compliance leadership roles at Personal Capital Advisors Corporation and Voya Investment Management.
She expressed enthusiasm about joining the company. "I am thrilled to join a firm that shares my values and is committed to always acting in the best interests of its clients," she said.
Hong will serve as a member of Cresset’s management committee and will be based in the firm’s San Francisco office.
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