Cresset Adds Advisor Teams With $5 Billion From J.P. Morgan

The Two Teams Help Cresset Expand National Presence And San Francisco Footprint.
Dagny Maidman (left) heads one of the advisor teams picked up by Cresset from J.P. Morgan, while Chris Chase
Dagny Maidman (left) heads one of the advisor teams picked up by Cresset from J.P. Morgan, while Chris Chase
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report

Cresset welcomed two new advisory teams to its San Francisco office who were previously with J.P. Morgan Wealth Management, where they collectively managed about $5 billion in assets for 160 households.

Cresset is an independent, multi-family office and private investment firm with over $45 billion in assets under management as of April 1, it said Friday.

Adding the two advisor teams will help Cresset expand its national presence and San Francisco footprint. Cresset now has 18 offices across the U.S., according to its website.

The two advisor teams, who include three lead advisors and 12 supporting financial professionals, were with First Republic Bank prior to J.P. Morgan, Cresset said.

One advisor team specializes in providing wealth solutions for ultra-high net worth clients, according to Cresset. That team is headed by Dagny Maidman, and includes 10 professionals who have worked together on average for over 10 years.

Maidman’s team is especially focused on “weeding out uncompensated risk and employs … hedging strategies to generate income, reduce portfolio volatility, and manage concentrated stock positions,” Cresset said.

Avy Stein, Co-Founder and Co-Chairman, Cresset
Avy Stein, Co-Founder and Co-Chairman, Cresset

Cresset is looking to “leverage their derivatives knowledge across the broader platform,” the firm said.

The other advisor team is headed by Chris Chase and Erik Ralston, who each have over 20 years of industry experience. They head a team of five tenured investment professionals who specialize in “comprehensive, tax-efficient wealth strategies to entrepreneurs, multi-generational families, company executives, and non-profit organizations,” Cresset said.

The two teams have had a partnership for over 20 years and plan to provide their clients with access to Cresset’s broad Family Office Services platform, along with the firm’s personalized wealth management and investment advisory services, family governance and wealth planning, private investments and concierge services, according to Cresset.

“These entrepreneurial teams are a great cultural fit for Cresset and share our values,” according to Avy Stein, Cresset Co-Founder and Co-Chairman. “Like Cresset, they have a client-first, fiduciary mindset and work closely with their clients and their advisors to provide comprehensive, highly individualized solutions that successful families expect and deserve,” he said.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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