The acquired firm has an established roster of clients in the sports and entertainment sectors.
Cresset Asset Management is merging with TRUE Capital Management, forming a multi-family office with nearly $33 billion in assets under management (as of May 2 this year).
Following the deal, Cresset will expand its presence in the sports and entertainment industry due to TRUE’s involvement in this space. TRUE, which managed $1.7 billion as of February 22, looks after over 350 clients, including Deandre Ayton, Robert Griffin III, Marshawn Lynch, Nneka Ogwumike, Kelsey Plum, Albert Pujols, Logan Ryan, Richard Sherman, Breanna Stewart, and Diana Taurasi.
“Since we started TRUE in 2007, our priority has been to build relationships with our clients based on transparency and trust as they navigate the rare opportunities and unique challenges that come with wealth. That commitment will only be strengthened and enhanced with Cresset,” Doug Raetz, chief executive of TRUE, said.
The deal is an example of the continued M&A activity happening in the North American wealth sector. See a related analysis here by Family Wealth Report’s US correspondent, Charles Paikert.
See here for a related recent story about Cresset.