Amy Hong, a former private wealth executive at JPMorgan Chase & Co., has been hired as Cresset’s new chief compliance officer and executive managing director.
Hong succeeds the recently retired Bob Pagliuco at Cresset, which offers multi-family office and private investment services to its high-net-worth and ultra-high-net-worth clients. Hong has been JPMorgan’s managing director of asset and wealth management and before that led First Republic Bank’s wealth management operations team, with $250 billion in assets under management.
“The reason why I was also drawn to Cresset is because it’s not a bank,” Hong told Crain Currency. “Working for a place that is relatively conflict-free, doesn’t have the affiliated products or things that could cloud you from being a true fiduciary like Cresset is very appealing to me.”
Hong also valued the opportunity to reunite with Susie Cranston, who joined Cresset this year as its president and COO. The two previously worked together for nearly 10 years at First Republic’s private wealth unit. Both Hong and Cranston are based out of the San Francisco office.