Cresset Asset Management and True Capital Management said Tuesday that they had merged, creating a multi-family office with almost $33 billion in assets under management as of May 2 and with offices in 19 locations across the U.S.
The "strategic combination" expands Cresset's presence in the sports and entertainment sector, the firms said in a joint announcement.
The merger was completed on May 1, according to Doug Raetz, True CEO. In a statement provided to ThinkAdvisor by email, he said: "Both brands will continue to be used for the foreseeable future, with TRUE Capital now being called TRUE Cresset Sports + Entertainment."
Cresset has been serving entrepreneurs, CEO founders, wealth creators, executives and partners, as well as high-net-worth and multigenerational families, it said.
True is a multi-family office that has specialized in guiding diverse clients across sports, entertainment and entrepreneurism to financial security and generational wealth, it said. The firm has also offered alternative investing strategies spanning venture capital (via True Capital Ventures), managed real estate (through True Real Estate), hedge/options, private debt and impact investing.
Prior to the merger, Cresset had more than $30 billion in AUM, Raetz said. As of Feb 22, True managed $1.7 billion of assets on behalf of over 350 clients, including Major League Baseball star Albert Pujols, True said.
Post-merger, True clients will be able to access "Cresset's scale and national footprint, including its extensive family office services, goals-based financial planning, institutional-quality private investments, and lifestyle services," the companies said.
