Chicago-based Cresset Asset Management, which manages $7.2 billion in assets, has acquired Reston, Va.-based PagnatoKarp. The addition of PagnatoKarp's $2.3 billion in assets would rank the combined firm among the 25 largest RIAs in the country by assets under management, according to the InvestmentNews RIA Data Center.
Both employee-owned firms offer multifamily office services, with Cresset also offering private investments.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
