Cresset Asset Management of Chicago has acquired Cypress Wealth Advisors, a San Francisco-based RIA with more than $500 million in client assets under management, the company announced.
The acquisition will enable Cresset to more effectively serve its San Francisco office clients and related area markets with comprehensive wealth management and family office services, as well as institutional quality private investment opportunities, the company said in a press release.
Cresset also has offices in West Palm Beach, Fla., Seattle, Denver and Minneapolis.
Financial terms of the deal were not disclosed.
The announcement of the acquisition follows Cresset’s recent acquisition of Evanston Advisors, a Chicago RIA that also manages more than $500 million in client assets. Cresset announced plans to pursue similar partnerships.
Cypress was founded in 2004 with a focus on developing investment management, tax and estate planning strategies to preserve, maximize and successfully transfer wealth.
Barbara Young, founder, CEO and CIO of Cypress, said that her firm’s new relationship with Cresset offered opportunities for growth over the long term.
“We are so pleased and confident to partner with a firm with the scale and capabilities of Cresset,” she said in a press release.
Eric Becker and Avy Stein founded Cresset in 2017.
“Our mutual ... commitment to providing access to a full suite of sophisticated family office services and private investment opportunities make this an ideal partnership,” Stein said in a press release.