Cresset Asset Management has acquired Cypress Wealth Advisors, a RIA headquartered in California.
The companies did not reveal the transaction value.
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The deal adds over $500m in assets to the acquirer’s books, taking its total assets to more than $4.5bn.
Cresset co-founder Avy Stein said: “Our mutual dedication to client alignment and a commitment to providing access to a full suite of sophisticated family office services and private investment opportunities make this an ideal partnership.”
Set up in 2004, Cypress offers investment management, tax and estate planning strategies.
All Cypress employees will be retained as part of the deal. They will continue catering to their current customers while serving new ones.
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By GlobalDataCypress founder, CEO and CIO Barbara Young said: “At Cypress, we are committed to helping grow and protect our clients’ wealth so they can live life on their own terms.
“We take that trust very seriously, which is why we are so pleased and confident to partner with a firm with the scale and capabilities of Cresset.”
Cresset offers family office services, wealth management, and investment advisory services.
Its offices are located in Chicago, West Palm Beach, San Francisco, Seattle, Denver and Minneapolis.
This March, the firm added over $500m in assets to its portfolio through the acquisition of Evanston Advisors.
