Cresset Asset Management and Berman Capital Advisors said Tuesday that they are merging to create a $20 billion multifamily office focused on serving clients in 11 markets. The firms expect the deal to be completed on Thursday.
"Cresset and Berman are a strong cultural fit and share a commitment to excellence, integrity, independence, and results. Together, we will offer even greater access to our boutique family office services," according to Avy Stein, who co-founded Cresset in 2017 with Eric Becker.
"Both the Cresset and Berman teams are extremely entrepreneurial in our approach to client service and investment strategy," Stein added. "I am very excited for what's to come as partners."
With 33 team members, Berman currently manages about $4.7 billion and has offices in Atlanta and Austin, Texas.
"Cresset is the partner we've been seeking to take our business to the next level, offer our clients an even broader array of services, and provide career development opportunities and increased ownership for our team," said Justin Berman, founder and CEO of Berman Capital Advisors, in a statement.
