(PE Hub) -- Cresset Asset Management announced the acquisition of Evanston Advisors, a Chicago-area SEC RIA.
This exciting partnership enhances Cresset’s ability to serve clients in the Chicago market and across the greater Midwest. Cresset anticipates continuing to pursue other similar partnership and investment opportunities in various markets across the country.
Evanston was founded in 1982 and has more than $500 million in client assets under management.
It consistently ranks highly for client satisfaction and operational excellence among its peers.
Evanston is led by Co-Founder Keith Cantrell and Principals Nathan Snodgrass and Dave Jackson.
The firm has 11 team members in total, all of whom have joined the Cresset team to continue serving existing clients and to be part of Cresset’s growth.
“We are thrilled to partner with the Evanston team,” said Avy Stein, Cresset Co-Founder. “We have been impressed by what they have built over several decades, and we are eager to work closely with Keith, Nathan, Dave, and their team to continue Evanston’s long track record of outstanding client service and wealth management.”
Cresset was founded in 2017 with a vision to reinvent the way people experience wealth.
As long-time industry clients themselves, Stein and Co-Founder Eric Becker set out to create a firm that delivered the comprehensive, personalized services they felt were missing in the wealth management industry.
The Evanston team shares with Cresset a dedication to client alignment and a commitment to providing clients with access to a full suite of sophisticated services and investment opportunities.
“Both Cresset and the Evanston team take pride in being independent and client- and employee-owned,” Becker said. “As we became better acquainted with the Evanston team over the past year, we became increasingly excited by the many clear similarities in approach and philosophy between our organizations. We are pleased to share our respective best practices and to build upon the common cultures our firms have created.”
“As we look to the future, we believe our clients will be better served by having access to a broader set of investment options and enhanced wealth management and family office service capabilities,” Cantrell added.
“The core values, business principles and client-first philosophy of Cresset align with ours. Cresset’s investment management and family office expertise, coupled with its access to direct real estate and private equity investing, make Cresset the ideal long-term business partner for our firm and our clients.”
Cresset’s growth initiatives focus on organic investments in its core markets along with targeted complementary acquisitions of other independent RIAs.
“We look forward to many years of continued success with Keith, Nathan, and Dave, along with other RIAs that share our vision for long-term growth,” said Chris Boehm, Managing Partner of Cresset Partners, who leads Cresset’s investments in the RIA sector.