The Cresset trust and services division will be moved onto the NAT platform.

Cresset Capital Management is close to acquiring National Advisors Trust, a step that would build a national trust business with $13.1 billion of assets. The entity would serve Cresset and external advisors.

Cresset is pursuing a combination with NAT. The business looks after $7.7 billion in trust assets under administration for independent advisors, institutions and families. 

"Cresset and National Advisors Trust share a commitment to delivering comprehensive trust, custody, and fiduciary solutions to families, business owners, estate planning attorneys, family offices, and wealth advisors nationwide," Cresset said in a statement.

National Advisors Trust will continue to operate as an independent trust company within the Cresset family of companies, Cresset said.

Cresset executives said they will move the firm’s $5.4 billion trust and services division, which operates with its own state charters, onto the NAT platform.

"Independence has always been central to who we are," James Combs, president and CEO of National Advisors Trust, said. "This partnership allows us to strengthen that foundation by investing in the future of our platform while remaining dedicated to the advisors and institutions who have trusted us for more than 25 years. We believe it represents an important step for the continued evolution of advisor-focused trust services." 

Founded in 2001, NAT runs Brand Advantage, a white-label program allowing advisors to offer trust services to clients under their own branding. The report said it partners with more than 340 wealth firms.