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Chicago-based Cresset Asset Management is buying a smaller firm, which should leave it with $9.5 billion in total assets and eight offices.
The purchase of PagnatoKarp, which has $2.3 billion, means Cresset is among the 25 largest RIAs in the U.S. PagnatoKarp is located in Reston, Virginia.
"As a firm founded [in 2017] by clients, for clients, we are proud to partner with the team at PagnatoKarp," according to Cresset co-founder Eric Becker.
Both Cresset and PagnatoKarp are family owned, and their advisory businesses focus on private wealth management and family office services.
"Together, our ability to deliver innovative family office, private investment and wealth advisory services is truly exciting," Becker added.
"PagnatoKarp was born during the Great Recession in reaction to the lack of transparency in the industry," CEO Paul Pagnato said in a statement. "In Cresset, we have found a partner that shares that vision."
RIA Cresset, started by Becker and Avy Stein, is affiliated with its private investing group Cresset Partners, which is focused on opportunity zones.
— Check out When a Buyer Becomes a Seller: Lessons Learned From Our Sale on ThinkAdvisor.
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