Cresset Asset Management on Friday announced its acquisition of The Connable Office Inc., a $1.6 billion multi-family office specialty advisor firm established in the late 1800s and based in Kalamazoo, Michigan.
The combined firm will manage more than $52 billion in assets on behalf of high-net-worth and ultra-high-net-worth clients, according to the announcement.
Eric Becker, co-founder and co-chairman of Cresset, cited Connable's long history serving multi-generational client families as a catalyst for the deal, noting that the two firms also enjoy good cultural alignment. Building on Cresset's existing trust company services, he said, the partnership with Connable adds both scale and new capabilities in insourced trust administration services.
