Cresset to Merge with Meristem Family Wealth – The combined firm will manage more than $27 billion in assets

Meristem news

CHICAGO – May 25, 2022 –  Cresset Asset Management, LLC (“Cresset”) and Meristem Family Wealth, LLC (“Meristem”) announced today that they plan to merge, creating a multi-family office with more than $27 billion in assets under management (AUM) serving clients from offices in 15 markets around the country. The merger is expected to be complete within 30 days, pending regulatory approval.

Meristem is an independent wealth management firm with $5.4 billion in assets under management (as of 12/31/2021). Founded in 1999, Meristem has offices in Minnetonka, Minn; Naples, Fla.; Scottsdale, Ariz.; and Sioux Falls, S.D. Meristem engages enterprising families who are securing and extending their wealth in order to make an impact for themselves, future generations, and their communities. Meristem serves as the Family Financial Officer for client families, simplifying the complexity that wealth brings and coordinating all financial aspects for families across generations.

Meristem’s subsidiary, Meristem Trust Company (MTC), based in South Dakota, will also be merging with Cresset. MTC was formed as an independent trust company in 2015. The South Dakota presence positions MTC to offer the benefits of trust laws and significant asset protection. In addition, Meristem offers a risk management program that inventories all insurance aspects of a client family to identify gaps and potential opportunities.

All 42 of Meristem’s team members are joining Cresset as part of the merger. Meristem’s clients will continue to work with the same team of advisors and support professionals they know well and will now have access to an expanded set of services, including institutional-quality private investments through Cresset Partners, family governance and education, peer-to-peer learning opportunities and more.  

As a $27 billion multi-family office, the combined entity will be able to access the same types of solutions and opportunities that many of the largest endowments and single-family offices in the country enjoy. Additionally, Meristem team members will enjoy expanded growth and development opportunities as the combined business will have a nationwide presence.

“Cresset and Meristem coming together is an ideal partnership. We share a strong cultural alignment and a commitment to innovation, excellence, integrity, and results. Our offerings are complementary and together will provide significant benefits to our clients and our employees,” said Charlie Maxwell, CEO of Meristem.

Cresset is an award-winning multi-family office that is inspired by some of the largest single-family offices in North America. Veteran entrepreneurs Eric Becker and Avy Stein founded Cresset in 2017 for their families to create the kind of firm they felt was missing in the industry. Today, Cresset Asset Management is a Barron’s and Forbes Top Ranked Advisor that serves the complex needs of entrepreneurs, CEO founders, wealth creators, executives, as well as high-net-worth and multi-generational families. Cresset provides individuals and families access to a comprehensive suite of boutique family office services, deeply personalized wealth management, institutional-quality private investing opportunities, and an ecosystem and community of peer-to-peer learning.

“Cresset and Meristem are a strong cultural fit for many reasons. 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,” Stein said. “We share a client-first mentality and employ a holistic, team-based approach to client service. We are both proudly independent, entrepreneurial, and driven by innovation. Our values could not be more aligned.”

About Cresset
Cresset is an independent, award-winning multi-family office and private investment firm. Cresset serves the needs of entrepreneurs, CEO founders, wealth creators, executives, and partners, as well as high-net-worth and multi-generational families. Our goal is to deliver a new paradigm for wealth management, giving you time to pursue what matters to you most.

Cresset offers access to a comprehensive suite of family office services, deeply personalized wealth management, investment advisory, planning, and other services through Cresset Asset Management, LLC. Cresset Partners, LLC, Cresset’s private investing group, offers clients direct access to institutional-quality real estate, private equity, private credit, and other investment opportunities. Cresset Asset Management, LLC, and Cresset Partners, LLC, are SEC registered investment advisers. To learn more, please visit https://cressetcapital.com.

About Meristem Family Wealth
Meristem Family Wealth was founded in 1999 with offices in Minnetonka, Minn.; Naples, Fla.; Scottsdale, Ariz. and Sioux Falls, S.D. Meristem is an independent wealth management firm with  $5.4 billion in assets under management (as of 12/31/2021). With Meristem engaged, prosperous families are poised to secure and extend their wealth in order to make an impact for themselves, future generations, and their communities. To learn more, please visit https://www.meristemfw.com.

Cresset refers to Cresset Capital Management, LLC, and all of its subsidiaries and affiliates. Cresset Asset Management, LLC provides investment advisory, family office, and other services to individuals, families, and institutional clients. Cresset Partners, LLC provides investment advisory services strictly to investment vehicles investing in private equity, real estate and other investment opportunities. Cresset Asset Management, LLC, and Cresset Partners, LLC are SEC registered investment advisers.

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