Note: This news service is not being updated on June 19 in a mark of respect for the Juneteenth remembrances.

Cresset Asset Management, has acquired Virginia-based RIA PagnatoKarp, a firm with $2.3 billion of assets under management. The transaction takes Cresset’s AuM total to $9.5 billion, making it one of the 25 largest RIAs.

The deal continues a rapid build-out by Cresset, founded in 2017.

PagnatoKarp, created a decade ago, has already made an impact on the wider industry. It was named 2020 best “Multi-Family Office ($2.5 billion to $5 billion AuM/AuA)” by Family Wealth Report.

Cresset said it continues to push after acquisitions and partnerships. 

“We continue to explore aligning with firms like PagnatoKarp that share our unique vision, culture, and commitment to long-term growth,” Chris Boehm, managing partner of Cresset Partners, who leads Cresset’s investments in the RIA sector, said. 

In April, the firm made five hires across its network, including a trio of advisors from JP Morgan, to bolster planning and advice teams in Chicago, San Francisco, and Florida. It also made a senior family office-related appointment earlier this year. 

Here is an interview with Cresset Asset Management's CEO, Michael Cole, in which he delves into the philosophy of the firm. 

Late last year the firm created the role of chief experience officer, among a number of other senior appointments.