USA in the news: Cresset merges with wealth manager


Mergers & Acquisitions

Cresset Asset Management

The wealth company has agreed to merge with Meristem Family Wealth to create a multi-family office.

It will have more than $27 billion (£21.4 billion, €25.2 billion) in assets under management serving clients from offices in 15 markets across the country.

The merger is expected to be finalized within a month, pending regulatory approval.

Meristem is an independent wealth management firm with $5.4 billion in assets under management. Founded in 1999, Meristem has offices in Minnesota, Florida, Arizona; and South Dakota.

Meristem’s subsidiary, Meristem Trust Company (MTC), based in South Dakota, will also merge with Cresset.

Meristem’s 42 team members are joining Cresset as part of the merger.

Meristem clients will continue to work with the same team of advisors and support professionals.

ICapital

The global fintech platform has agreed to buy Simon Markets for an undisclosed amount.

Simon Markets offers a digital platform designed to help financial advisors understand and manage structured investments, annuities and other risk-managed products.

Under the agreement, Jason Broder, Managing Director of Simon, will join iCapital as Managing Director, Head of iCapital Solutions and a member of the Operating Committee.

In addition, iCapital will offer job offers to the approximately 200 members of the Simon team.

The transaction is expected to be finalized in the second half of 2022.

MassMutual

The life insurance group has become an equity investor in asset and wealth management investor Kudu Investment Management.

Financial terms of the transaction were not disclosed.

MassMutual joins White Mountains Insurance Group as an equity investor.

Since 2018, New York-based Kudu has acquired minority stakes in 17 asset and wealth managers based in the US, Canada, UK and Australia.

Ty J Young Wealth Management

The company acquired Chicago-based PA Berg Retirement Solutions for an undisclosed amount.

This is the 21st acquisition made by Ty J Young Wealth Management in the past four years.

people move

Boston Mutual Life Insurance Company

The insurer has appointed David Martin as vice president and chief information officer.

Martin most recently served as a senior management consultant for Trility Consulting.

BNY Mellon Wealth Management

The Wealth Manager has expanded its team in the New York Tri-State Area with four additions, including Wing Wilson as Regional Trustee Director, Leighton Cameron as Senior Wealth Manager, Marcy Morgan as Director, Private Banking and Scott Rickman as customer strategist.

Wilson, Cameron and Morgan are based in New York and Rickman is based in Greenwich, Connecticut.

Wilson returns to BNY Mellon Wealth Management from Citi, where she served as Senior Vice President, Trust Officer. Cameron joins BNY Mellon Wealth Management from TIAA, where he was a senior portfolio manager.

Marcy joins BNY Mellon Wealth Management from First Republic Bank, where she was Managing Director. Rickman joins BNY Mellon Wealth Management from JPMorgan Chase Bank, where he served as a private client advisor.

Bryn Mawr Trust

Subsidiary WSFS Financial Corporation has appointed James Hutchinson as senior vice president and chief wealth officer.

Hutchinson most recently served as senior vice president and market director in Delaware for PNC Private Bank.

Raymond James

Financial advisers Steve Harman, Mark DeGon and Jake Phillips have joined the firm in Spokane, Washington.

Advisors come from Merrill Lynch. Together they operate as Panorama Wealth Management by Raymond James and work alongside client service associates Jennifer Jones and Kaitlyn Harman.

In addition, financial advisor Kevin Cooper has also joined the firm.

Based in Boca Raton, Cooper leads Raymond James’ Cooper Family Office Consulting, specializing in intergenerational wealth management.

He previously worked for Morgan Stanley and is joined by Jean Panarello, a senior registered customer service associate.

Rockefeller Capital Management

The financial advisory firm has hired The Puget Sound Group based in Olympia, Washington.

The team of five includes:

  • Nick Paget, Managing Director and Private Wealth Advisor;
  • Nicole Schafer, Senior Vice President and Private Wealth Advisor;
  • Forrest St John Kim, Vice President and Private Wealth Advisor;
  • Karen Henderson, assistant vice president and head of team operations; and
  • Tor Fanning, Assistant Vice President and Financial Planning Analyst.




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