Chicago-based Cresset Asset Management expanded its physical footprint while simultaneously establishing its presence in a new industry by merging with TRUE Capital Management.
TRUE, a multi-family office with $1.7 billion in AUM, specializes in wealth management for professionals in the sports and entertainment industries. The firm’s clients include top WNBA star Breanna Stewart; the Phoenix Sun’s Deandre Ayton; and MLB great Albert Pujols.
“When we first met the TRUE team several years ago, we found kindred spirits in terms of how we believe clients should be treated and the positive impact wealth can have,” said Cresset Co-Founder and Co-Chairman Avy Stein. “Our mutual dedication to providing access to a full suite of sophisticated family office services and private investment opportunities makes this an ideal partnership.”
Cresset, founded in 2017, became a $20 billion multi-family office serving clients in 11 markets after merging with Berman Capital Advisors in 2021. The merger with TRUE leaves the firm with about $33 billion in AUM of and offices in 19 locations around the U.S.
Prior to the merger, TRUE had offices in Chicago, Los Angeles and Nashville, in addition to its San Francisco homebase. The firm’s clients will now benefit from access to Cresset’s scale and national footprint, including its institutional-quality private investments, goals-based financial planning and lifestyle services.
