Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Industry Spotlight > RIAs

Cresset Hires Former E-Trade RIA Exec

By Janet Levaux

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • Gabriel Garcia was head of business management and strategy for E-Trade Advisor Services and is an alum of Pershing Advisor Solutions.
  • The RIA also added Matt Mongia to help it invest in growing advisory firms and asset management businesses.

RIA Cresset Capital has hired Gabriel Garcia, the former head of business management and strategy for E-Trade Advisor Services who earlier led relationship management and business consulting for Pershing Advisor Solutions. 

Garcia’s hiring comes roughly a month after Morgan Stanley said it was selling the RIA custody unit of E-Trade to Axos Clearing for $55 million in cash. The wirehouse acquired this business in October 2020 as part of its $13 billion purchase of the discount brokerage firm.

At Cresset, Garcia will head up corporate development and will focus “on partnering with culturally compatible RIAs, as well as identifying advisor teams seeking to join an independent and employee-owned firm,” according to a press release. 

“I am thrilled to join Cresset and introduce talented RIAs and advisor teams to Cresset and the access it provides to advanced technology and marketing resources,” Garcia said in a statement. “Cresset serves clients with complex lives who are looking for a sophisticated multi-family office and private investing platform that can meet them where they are. That is an exciting ecosystem to join.”

Cresset also tapped Matt Mongia to lead its private capital efforts, including minority investments in growing advisory firms and asset management businesses.

Mongia is the founder of SharpVue Capital, an investment management affiliate of Medical Mutual Insurance Company of North Carolina. He also served as an operating advisor for Thoma Bravo, LLC, a private equity firm, where he led the firm’s acquisitions of asset management and wealth management businesses.

“With the wealth management and asset management sectors experiencing robust levels of M&A, and an increasing number of firms seeking strategic partnerships, Cresset is uniquely positioned to be a value-added partner of choice to growth-oriented management teams,” Mongia said in a statement.

In addition to these two hires, Cresset brought on Michael Goldman, who worked as an investment banking analyst for the Financial Institutions Group at Oppenheimer & Co., and an M&A associate at Focus Financial Partners, as an associate of Cresset Private Capital. 

“As Cresset continues to engage with culturally aligned RIAs and advisor teams and to partner with growing asset management firms and alternative asset GPs, Gabe, Matt and Michael will be key to those efforts. We are thrilled to welcome them to the Cresset team and look forward to their leadership,” according to Chris Boehm, who founded the firm with Eric Becker and Avy Stein.

Cresset Capital includes Cresset Asset Management, a multifamily office with $13 billion in assets, and Cresset Partners, a private investing group that helps clients access institutional-quality real estate, private equity, private credit and other investments.

Janet Levaux

@Think_JanetL

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.