Cresset Asset Management, a rapidly growing Chicago-based wealth manager, announced a merger with Meristem Family Wealth, creating a multifamily office managing over $27 billion in assets. The combined firm will serve clients from 15 offices across nine states and Washington, D.C., with the deal expected to close next month. Meristem, founded in 1999, brings its in-house trust company in South Dakota to Cresset, which previously outsourced trust services. Experts say the merger strengthens Cresset’s national expansion strategy and enhances offerings for ultra-high-net-worth clients.
The integration of Meristem’s 42 team members will allow clients to maintain their current advisors while gaining access to broader services, including family governance, private investments, and educational programs. With this acquisition, Cresset continues to consolidate the independent wealth management space, adding scale and resources to serve entrepreneurial, executive, and multigenerational families more effectively…