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Industry Spotlight > Mergers and Acquisitions

Cresset, Berman Capital to Form $20B Multifamily Office

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What You Need to Know

  • With 33 team members, Berman currently manages about $4.7 billion and has offices in Atlanta and Austin, Texas.

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.

“We are excited to share with existing and new clients alike the truly holistic suite of innovative wealth management, family office, and private investment offerings we can provide together,” Berman said. 

Two weeks ago, Cresset hired Archan Basu, formerly of Fidelity Institutional Asset Management, as its deputy chief investment officer, and Paul Algreen, previously of Janus Henderson Investors, as its chief technology officer. At the time, Cresset had about $15 billion in assets under management.

Cresset’s operations include Cresset Asset Management and Cresset Partners, which is its private investing group.

(Photo: Shutterstock)