Cresset, a client- and employee-owned multi-family office, announced a strategic combination with Monticello Associates, an independent investment consulting firm that provides non-discretionary investment advisory services to foundations, endowments, and family offices. The partnership, expected to close later this year, will bring the firms' collective assets to nearly $200 billion, with Cresset managing approximately $72 billion in assets under management as of July 1, 2025, and Monticello overseeing $124 billion in non-discretionary assets under advisement as of December 31, 2024.
The combination strengthens Cresset's institutional advisory capabilities and reinforces its vision to build a 100+-year firm rooted in independence, innovation, and client-first values. Monticello, founded in 1992 by Grady Durham, serves 175 long-term client relationships and is 100% employee owned. The entire Monticello team of 58 members will join Cresset, pairing Cresset's multi-family office platform with Monticello's investment consulting expertise.
"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," said 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. 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."
Eric Becker, Founder and Co-Chairman of Cresset, added, "Cresset and Monticello Associates have always been known for our bespoke and boutique approach to client service. That will never change. But together, our combined scale will bring significant additional opportunities to our clients. Just as importantly, Cresset and Monticello Associates are a strong cultural fit in terms of values, investment philosophy, and long-term vision."
Grady Durham, Founder and Executive Chairman of Monticello Associates, stated, "Monticello Associates was founded 33 years ago with a singular focus: to provide premier families and institutions with sophisticated investment advisory services. Our partnership with Cresset allows us to expand that commitment for generations to come. It ensures continuity for our clients, while enhancing our ability to meet their evolving needs."
The combined entity will provide access to leading fund managers in both public and private markets, leveraging robust research capabilities and global investment access. Cresset, recognized by Barron's and Forbes among the nation's top multi-family offices, emphasizes long-term relationships and shared success. Monticello, headquartered in Denver with offices in Cleveland, Boston, and Washington, D.C., brings specialized advisory services to the partnership.
This strategic combination signifies a major consolidation in the wealth management industry, creating a platform with substantial scale and resources to serve high-net-worth families and institutions. The firms' shared culture of independence, entrepreneurship, and client-first values positions them to compete effectively in a rapidly evolving market.
