Cresset Asset Management announced the acquisition of Cypress Wealth Advisors.
This partnership bolsters Cresset’s ability to serve clients in San Francisco and related markets with comprehensive wealth management and family office services, as well as institutional quality private investment opportunities.
Cresset recently announced the acquisition of Evanston Advisors, an RIA based in the Chicago area with more than $500 million in client assets under management. Cresset also announced plans to pursue similar partnerships with firms that align with Cresset’s culture and strategic vision.
Cypress was founded in 2004 and focuses on developing investment management, tax and estate planning strategies to preserve, maximize and successfully transfer wealth. The Cypress team, all of whom have joined Cresset in San Francisco, will continue serving existing and new clients.
“At Cypress, we are committed to helping grow and protect our clients’ wealth so they can live life on their own terms. We take that trust very seriously, which is why we are so pleased and confident to partner with a firm with the scale and capabilities of Cresset,” said Barbara Young, Founder, Chief Executive Officer and Chief Investment Officer for Cypress. “Cresset is client focused as a privately held and client- and employee-owned firm. We could not imagine a better partner to serve our clients going forward. I am excited about the tremendous opportunities we have to grow with Cresset over the long term.”
Cresset was founded in 2017 with a vision to reinvent the way people experience wealth. As long-time industry clients themselves, Co-Founders Eric Becker and Avy Stein set out to create a firm that delivered the comprehensive, personalized services they felt were missing in the wealth management industry.
“In the Cypress team, Cresset has found a kindred spirit in terms of how we believe clients should be treated and the impact wealth can have,” Stein said. “Our mutual dedication to client alignment and a commitment to providing access to a full suite of sophisticated family office services and private investment opportunities make this an ideal partnership.”
“We founded Cresset with the vision of expanding our ecosystem for our clients by partnering with the very best talent that is committed to building a best-in-class, multi-family-office platform that will endure for the very long term,” Becker said. “Barbara exemplifies that vision as a veteran private investor and trusted advisor who is highly involved across the broader family office and wealth management community. It is a privilege to welcome Barbara and her partners into the Cresset family and to have the opportunity to grow together for many years to come.”
Cresset’s growth initiatives focus on organic investments in its core markets along with targeted complementary acquisitions of independent RIAs. “Cresset continues to explore aligning with firms like Cypress that reflect and embrace our vision, client-centric culture and commitment to long-term growth,” said Chris Boehm, Managing Partner of Cresset Partners, who leads Cresset’s investments in the RIA sector.
