Meristem Family Wealth, a Minnetonka, Minnesota-based registered investment adviser managing $5.4 billion, is merging into Cresset Asset Management, a Chicago-based multifamily office, bringing its assets under management to $27 billion.
The merger is expected to be completed within 30 days, the company said in a release.
“Cresset and Meristem are a strong cultural fit for many reasons," Avy Stein, co-founder of Cresset, said in a statement. "Both firms started as shared family offices serving a limited number of families, quickly growing into leading multi-family offices. Today, we use our scale to offer an enviable array of talent, services, and investment opportunities to our clients without ever losing our boutique focus on our clients.”
In addition to its headquarters, Meristem has offices in Naples, Florida; Scottsdale, Arizona; and Sioux Falls, South Dakota, where it operates a trust company. The firm was founded in 1999.
All 42 of Meristem's employees and principals will join Cresset, and the combined firm will have offices in 15 locations across the country.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
