A multi-family office and an independent investment advisory firm have announced plans to enter into a strategic partnership that will strengthen both firms and maintain their independence for the long term.
Client and employee owned Cresset, which has around $70 billion AUM, and Monticello Associates, with around $124 billion AUA, will have to access leading fund managers in both private and public markets. With almost $200 billion in combined assets, the combined entity will bring together decades of expertise.
Cresset was founded in 2017 but acquired The Connable Office, a family office with a 130 year history in 2024. Cresset Capital Management operates several subsidiaries including its RIA, Cresset Asset Management, and also conducts advisory business under the names of Cresset Sports & Entertainment, CH Investment Partners, and Cresset Capital.
Monticello was founded in 1992 and is 100% employee owned with 175 long-term client relationships and 58 team members operating from its Denver headquarters, along with offices in Cleveland, Boston, and Washington, DC. The entire team will join Cresset.
“We’re thrilled to join forces with the team at Monticello Associates, a firm we’ve long respected for its deep expertise and sterling reputation in institutional investment advisory,” said Avy Stein, Founder and Co-Chairman of Cresset. “Our decades-long relationship with their leadership is rooted in shared values and a client-first mindset. Together, we’re creating a platform that not only expands access to premier investment opportunities across public and private markets but also strengthens our vision to build a 100-year firm dedicated to serving families and institutions with purpose, care, and innovation.”
The partnership is expected to close later this year and will boost Cresset’s institutional advisory capabilities and provides longevity for Monticello’s specialized advisory business which provides non-discretionary investment advisory services to foundations, endowments, and family offices.
“It ensures continuity for our clients, while enhancing our ability to meet their evolving needs,” says Grady Durham, founder and executive chairman of Monticello. “Together, we bring robust research capabilities, global investment access, and a shared culture rooted in independence, excellence, and long-term alignment. Our entire team is proud to join forces with a firm that reflects our values and vision.”
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