Meristem Family Wealth, a Minnetonka, Minnesota-based registered investment adviser managing $5.4 billion, is merging into Cresset Asset Management, a Chicago-based multifamily office, bringing its assets under management to $27 billion.
The merger is expected to be completed within 30 days, the company said in a release.
“Cresset and Meristem are a strong cultural fit for many reasons," Avy Stein, co-founder of Cresset, said in a statement. "Both firms started as shared family offices serving a limited number of families, quickly growing into leading multi-family offices. Today, we use our scale to offer an enviable array of talent, services, and investment opportunities to our clients without ever losing our boutique focus on our clients.”
In addition to its headquarters, Meristem has offices in Naples, Florida; Scottsdale, Arizona; and Sioux Falls, South Dakota, where it operates a trust company. The firm was founded in 1999.
All 42 of Meristem's employees and principals will join Cresset, and the combined firm will have offices in 15 locations across the country.
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