People Moves
Cresset Builds Out Minneapolis Office With Ex-JP Morgan Hires
The expanding wealth management house has brought in four former JP Morgan private banking managers to join its office in the city.
US wealth management firm Cresset has brought in four ex-JP Morgan private banking senior managers to join its Minneapolis office, which opened late last year.
They are Patrick Mahoney, partner and managing director; Dick Hall, partner and MD; Jason Heckler, partner and MD; and Tassy Hannemann, vice president and client relationship specialist. Late last year, the firm’s Minneapolis office brought in a group of former Abbot Downing figures: Michael Deasey, Joel Alberts and Jason Mussetter.
Mahoney has more than 20 years of experience in the investment and wealth management industries. Most recently, he served as head of JP Morgan’s Private Bank in Minnesota for 10 years.
He began his investment career in 1997 with investment bank RBC Capital Markets (formerly Dain Rauscher Wessels and Wessels, Arnold & Henderson) in Minneapolis.
Hall brings 25 years of wealth management experience and is the main point of contact for client families and their advisors in the Minneapolis office. Hall spent 10 years at JP Morgan Private Bank, where he led a team that provided advice to ultra-high net worth families. Prior to that, he held wealth management positions at SunGard, FolioDynamix and Piper Jaffray.
Heckler has 20 years of industry experience. He was also at JP Morgan Private Bank, as a senior investment specialist and executive director. Before that, he was vice president of sales at Northern Trust.
Hannemann has worked in client services in private wealth management for more than 20 years and, like the other latest recruits, she was at JP Morgan where she helped found the private bank office more than a decade ago.
In early May, Family Wealth Report interviewed Michael Cole, chief executive of Cresset. He elaborated on the firm’s business model and why he says it takes the idea of independent advice – a vexed topic – to a new level. Cresset was built by private capital entrepreneurs Avy Stein and Eric Becker who wanted a wealth business that wasn’t riven by conflicts of interest. When Cole built out the Cresset operation over a year ago, he took a team with him from Ascent. Cresset launched its family office business last year.
