Chicago company acquires Reston-based PagnatoKarp
Cresset Asset Management acquired top-ranked wealth management firm
Reston-based wealth management firm PagnatoKarp has been acquired by Chicago-based Cresset Asset Management, the companies announced Wednesday.
A transaction amount was not disclosed, but with the acquisition of PagnatoKarp, Cresset now has $9.5 billion in assets under management. PagnatoKarp had $2.3 billion in assets under management prior to the acquisition.
“PagnatoKarp was born during the Great Recession in reaction to the lack of transparency in the industry,” said PagnatoKarp founder and CEO Paul Pagnato in a statement. “Our desire was to create a new paradigm for wealth management by democratizing the family office. In Cresset, we have found a partner that shares that vision and has the scale and depth of capabilities to greatly expand the services we offer to a broader segment of individuals and families.”
All PagnatoKarp employees will join Cresset and continue its private wealth management and family office services. Cresset, which was founded in 2017, will now operate eight offices in the United States.
Paul Pagnato was ranked the No. 1 wealth adviser in Virginia on the Forbes 2019 and 2020 lists of Best-in-State Wealth Advisors.
“As a firm founded by clients, for clients, we are proud to partner with the team at PagnatoKarp, as they share our cultural values of access and transparency, as well as our intense focus on client success,” Cresset Co-Founder Eric Becker said in a statement. “Together, our ability to deliver innovative family office, private investment and wealth advisory services is truly exciting.”