Family Office

Cresset Taps Industry Big Hitter For New Family Office

Tom Burroughes, Group Editor, June 29, 2018

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A figure involved in a number of ultra-high net worth wealth businesses is to be CEO of a new family office.

Cresset Capital Management, a business founded late last year by the private equity figures Eric Becker and Avy Stein, is launching a family office, led by one of the most prominent figures in the US wealth sector. 

To lead the business, called Cresset Family Office, is Michael Cole, who takes on the post of chief executive. Most recently he was president and founder of Ascent Private Capital Management and head of predecessor to Abbot Downing at Wells Fargo. 

Alongside Cole is Kevin S Long, hired to be senior managing director at Cresset. He was formerly senior director of Western & Midwestern US Markets with Abbot Downing.

Cole, based in San Francisco, is also a recently-published author, writing More Than Money: A Guide to Sustaining Wealth and Preserving The Family. (In March this year Ascent Private Capital Management - of US Bank – was awarded by Family Wealth Report as Best Multi-Family Office ($5 billion to $15 billion AuM / AuA) and for Outstanding Contribution to Wealth Management Thought Leadership for Cole’s book.)

"The independent environment and uncompromising philosophy of client alignment that Cresset offers is the optimal setting to build the future of family office services,” he said of the firm.

Cresset Family Office will provide a “new paradigm” to serve families in a comprehensive and cost-effective way, including: Family history exploration and documentation; family values identification and alignment, vision and mission development; family communication and education; family governance and leadership development; family philanthropy, impact and thematic investing, estate and tax planning expertise, dedicated administrative and operational support and risk management.

Founded last year, Cresset started a wealth management platform, Cresset Wealth Advisors. Led by industry veteran Doug Regan, Cresset Wealth Advisors combines wealth management services with direct access to private investments and recently surpassed $2 billion in assets under management. 

Family Wealth Report has contacted Cresset for more detail and may update this news item in due course.

The North America wealth industry has seen a number of new business launches in the space this year, such as here and here. 

 

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