Cresset, a multi-family office and wealth manager with over $235 billion in assets under management and advisement, has expanded its presence in Houston with the addition of a team from Bernstein Private Wealth Management.
The team, led by Michael Ellington, Zach Gardner and Danique van der Velden, managed $1.4 billion in assets. They bring over their client base, comprising business owners, entrepreneurs and ultra-high-net-worth families, with a focus on pre- and post-transaction planning.
“Cresset is the perfect home for us to provide successful families with the comprehensive family office services that they expect today,” Ellington said in a statement. “Cresset’s vision to build a 100-plus-year firm resonates deeply with us, as does the alignment between employees, leadership and clients.”
Cresset is majority-owned by its employees, with a minority stake held by clients.
Before joining Cresset as an executive managing director, Ellington spent 27 years at Bernstein, building out the firm’s Texas presence and launching the Houston office.
Gardner will serve as managing director and wealth advisor at Cresset. Previously, he spent six years at Bernstein as a principal and wealth advisor. He was previously at Salient Capital Advisors.
Van der Velden, who has joined Cresset as director and wealth advisor, began her career at Bernstein in 2019 as an associate in the firm’s NEXT Advisor training program.
This follows news last month that Cresset poached a wealth advisory team that previously managed over $1.8 billion in assets at Goldman Sachs.
Cresset also recently completed a large merger with Monticello Associates, an institutionally focused advisory firm that administers over $124 billion in assets. The integration is now complete and “has been a great cultural and strategic fit,” according to a spokesperson
The move mimics other large RIAs, such as Creative Planning, Mariner and Captrust, which have all made large acquisitions to add to their institutional and 401(k) focused practices in recent months and years.