Cresset unveils deal for 130-year-old family office Connable

Cresset unveils deal for 130-year-old family office Connable
The deal in Michigan forms a new combined entity managing $52B in assets for high-net-worth and ultra-high-net-worth clients.
JUN 07, 2024

Cresset is boosting its profile in the high-net-worth and ultra-high-net-worth space as it snaps up a storied family office in the Great Lakes State.

Cresset Asset Management announced its acquisition of The Connable Office, a venerable multi-family office based in Kalamazoo, Michigan with a history stretching back more than 130 years. The deal announced Friday will result in the combined firm managing over $52 billion in assets for high-net-worth and ultra-high-net-worth clients.

Established in the late 1800s as a single-family office, Connable has a long-standing tradition of serving multi-generational families, including its founding family, which has been refined for seven generations.

Organized as a private trust, the firm is noted for its stability and personalized service. "Cresset and Connable together are an outstanding cultural fit," Eric Becker, co-founder and co-chairman of Cresset, said in a statement. "We are the powerful combination of a firm with a 100+ year legacy and one that has been built for the next 100 years."

Connable’s team, led by Loyal Eldridge III, Kenneth Larason, James Melvin, and Bradley Weller, brings extensive experience in family office services, investing, and trust administration to Cresset. This partnership significantly enhances Cresset’s in-house services and scales its trust company services.

Connable clients will benefit from Cresset’s broad range of services, including a private investment program, family governance and education, risk management, and concierge services.

"We are excited to partner with the Cresset team and provide our client families with comprehensive services for another 130+ years," commented James Melvin, CEO of Connable. "Our firms share a client-first mentality and employ a holistic, team-based approach to client service."

With a shared commitment to serving HNW and UHNW clients for generations to come, the combined firm aims to offer personalized and high-touch solutions comparable to those enjoyed by the largest endowments and single-family offices in the country.

"Both Cresset and Connable have built the firms we wanted for our own families, and we are honored to share that with other successful families as well," Becker added.

In April, Cresset acquired two teams from JPMorgan in San Francisco, which oversaw roughly $5 billion in client assets at their former firm.

Latest News

The fight over the CFPB is just beginning
The fight over the CFPB is just beginning

Locked out of their offices and told to stay home, employees at the Consumer Financial Protection Bureau have asked the courts to intervene as Elon Musk and Republican leaders move to shut down the agency that was established to protect people from predatory lending and financial scams.

Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership
Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership

Fintech platform interVal has also introduced a new feature to help advisors support entrepreneurial business owner clients better.

LPL boosts revenue potential with amped-up alts platform
LPL boosts revenue potential with amped-up alts platform

Along with greater revenue, alternative investments also carry risks, one industry lawyer noted.

How SageSpring Wealth Partners' next-gen strategy has fueled its success
How SageSpring Wealth Partners' next-gen strategy has fueled its success

President Jeff Dobyns unpacks the strategic power of mentorship, what makes an "ideal team player," and how the firm's 89 percent success rate has paid off for veteran advisors.

Powell heads for hot-seat hearings with ongoing pressure from Trump policies
Powell heads for hot-seat hearings with ongoing pressure from Trump policies

The Fed chair is in for some "hyper-charged" meetings, with legislators likely to raise questions on tariff threats and apparent steps to comply with anti-DEI orders.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.