Cresset on Monday announced that it is acquiring Monticello Associates, a Denver-based independent investment consulting firm, as part of a “strategic combination” expected to close late this year giving the combined firm almost $200 billion in client assets.
The combined company will have access to fund managers in the public and private markets, said Chicago-based Cresset, a client- and employee-owned multi-family office with over 20 offices in 15 states, according to its website.
The combination will strengthen Cresset’s institutional advisory capabilities, it said.
“We’re thrilled to join forces with the team at Monticello Associates, a firm we’ve long respected for its deep expertise and sterling reputation in institutional investment advisory,” according to Avy Stein, Founder and Co-Chairman of Cresset.
“Our decades-long relationship with their leadership is rooted in shared values and a client-first mindset,” he said in a news release. “Together, we’re creating a platform that not only expands access to premier investment opportunities across public and private markets but also strengthens our vision to build a 100-year firm dedicated to serving families and institutions with purpose, care, and innovation.”
“Cresset and Monticello Associates have always been known for our bespoke and boutique approach to client service,” noted Eric Becker, Founder and Co-Chairman of Cresset. “That will never change. But together, our combined scale will bring significant additional opportunities to our clients.”
He added, “Just as importantly, Cresset and Monticello Associates are a strong cultural fit in terms of values, investment philosophy, and long-term vision. We share a client-first mentality and are both proudly independent, entrepreneurial, and driven by innovation.”
Monticello Associates, which provides non-discretionary investment advisory services to 175 long-term clients, including endowments, family offices and foundations, was founded in 1992 by Grady Durham.
Monticello is employee owned and oversaw about $124 billion of non-discretionary assets under advisement (AUA) as of Dec. 31, according to Cresset.
In addition to its Denver headquarters, Monticello also has offices in Boston, Cleveland and Washington, D.C.
All of Monticello’s 58 team members will work for Cresset, the latter said.
“Monticello Associates was founded 33 years ago with a singular focus: to provide premier families and institutions with sophisticated investment advisory services,” according to Grady Durham, Founder and Executive Chairman, Monticello Associates.
“Our partnership with Cresset allows us to expand that commitment for generations to come,” he said. “It ensures continuity for our clients, while enhancing our ability to meet their evolving needs. Together, we bring robust research capabilities, global investment access, and a shared culture rooted in independence, excellence, and long-term alignment.”
“Stein has known Grady Durham … for decades,” a Cresset spokesperson told WSR on Tuesday.
Cresset had about $72 billion in assets under management (AUM) as of July 1, it said.
In November, Cresset said it received a $150 million minority long-duration investment from Constellation Wealth Capital (CWC), which represented less than a 10% stake. Cresset planned to use the capital to enhance its platform, technology and recruitment of teams, it said at the time.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
