Cresset and Monticello Associates Form Strategic Partnership to Create $196 Billion Wealth Management Powerhouse
The strategic combination between Cresset and Monticello Associates creates a formidable $196 billion wealth management entity that enhances institutional advisory capabilities and expands investment opportunities across public and private markets.
Cresset, a client- and employee-owned multi-family office, has announced plans to partner with Monticello Associates, an independent investment consulting firm specializing in non-discretionary advisory services for foundations, endowments, and family offices. The combined entity will oversee nearly $200 billion in assets, positioning it as a significant force in the wealth management industry with enhanced access to leading fund managers across both public and private markets.
The partnership, expected to close later this year, represents a strategic move to strengthen Cresset's institutional advisory capabilities while reinforcing its vision to build a long-term firm rooted in independence, innovation, and client-first values. Monticello Associates, founded in 1992 by Grady Durham, brings 175 long-term client relationships and approximately $124 billion in assets under advisement as of December 31, 2024. The firm is 100% employee-owned and maintains offices in Denver, Cleveland, Boston, and Washington, D.C.
Avy Stein, Founder and Co-Chairman of Cresset, emphasized the cultural alignment between the two firms, stating, "We're thrilled to join forces with the team at Monticello Associates, a firm we've long respected for its deep expertise and sterling reputation in institutional investment advisory. Our decades-long relationship with their leadership is rooted in shared values and a client-first mindset." The combination will bring all 58 Monticello Associates team members to Cresset, pairing Cresset's multi-family office platform with Monticello's sophisticated investment consulting business.
Eric Becker, Founder and Co-Chairman of Cresset, highlighted the benefits of scale, noting that while both firms are known for their boutique approach to client service, the combined entity will bring significant additional opportunities to clients. The partnership ensures cultural compatibility in terms of values, investment philosophy, and long-term vision, with both firms maintaining their independence and entrepreneurial drive. Additional information about Cresset's operations can be found at https://www.cressetcapital.com.
Grady Durham, Founder and Executive Chairman of Monticello Associates, underscored the continuity and enhanced capabilities the partnership provides, stating that it allows the firm to expand its commitment to serving premier families and institutions for generations to come. The combination brings robust research capabilities, global investment access, and a shared culture rooted in independence and excellence. This strategic move comes at a time when the wealth management industry is increasingly consolidating to better serve the complex needs of high-net-worth individuals and institutional clients.