Cresset Asset Management expands its reach
Cresset Asset Management, one of the country’s largest multi-family offices, recently made two major moves — merging with TRUE Capital Management and hiring Liz Nesvold in a new role as president.
The merger with TRUE creates a firm with nearly $33 billion in assets under management. TRUE’s multi-family office features a roster of clients across sports and entertainment as well as entrepreneurs, including Deandre Ayton of the NBA’s Phoenix Suns, former NFL running back Marshawn Lynch, recently retired Major League Baseball great Albert Pujols and Nneka Ogwumike of the Los Angeles Sparks of the Women’s National Basketball Association.
"When we first met the TRUE team several years ago, we found kindred spirits in terms of how we believe clients should be treated and the positive impact wealth can have," said Avy Stein, the co-founder and co-chairman of Cresset. "Our mutual dedication to providing access to a full suite of sophisticated family office services and private investment opportunities makes this an ideal partnership."
Nesvold, who launched and built the investment bank Silver Lane Advisors and was honored with the M&A Advisor Leadership Award in 2021, will oversee Cresset’s strategy and offerings for founders, entrepreneurs and multi-generational families.
Nesvold told Crain Currency that in her first 100 days, she plans to go on a listening tour to understand the business and “to think about the way we serve our clients, how we do what we do, because the client is at the center of everything.”
She sees the family office world and wealth management industry at a “wonderful inflection point,” with the migration of clients into the independent RIA movement and “a lot of receptivity for the services we offer to client families.”
With the bank and economic turmoil of the past year, Nesvold sees an opportunity for Cresset — “for families to feel safe and protected, we offer a safe haven and a holistic view of the full of their office needs and financial lives,” she said.
As one of the more prominent women leaders in a male-dominated industry, Nesvold is eager to bring women up in finance, an industry “which doesn’t make it conducive for them to stay the long term.” She wants to “use this as a platform to help in terms of leadership of young women and young people of all shapes and sizes, to have good mentorship opportunities to find a career in finance and in wealth management. That will be my way to give back.”