Cresset Asset Management acquires historic Connable Office to bolster multi-family office services
Major Acquisition in Asset Management: Cresset Asset Management has announced its acquisition of The Connable Office, Inc., one of the oldest multi-family offices in the United States, based in Kalamazoo, Michigan. With this strategic move, the combined entity will now manage assets exceeding $52 billion, catering to high-net-worth and ultra-high-net-worth clients across the nation.
Legacy and Expertise Combined: The Connable Office, established in the late 1800s, has maintained a prestigious reputation through over 130 years of service. It has been a cornerstone in providing trust and family office services for seven generations of its founding family, along with numerous other multi-generational client families throughout the country.
Strategic Fit and Future Vision
A Perfect Cultural and Operational Match: Eric Becker, Co-Founder and Co-Chairman of Cresset, highlighted the seamless cultural fit between the two firms, emphasizing their shared legacy and client-centered philosophy. “Both Cresset and Connable have built the firms we wanted for our own families, and we are honored to share that with other successful families as well,” Becker stated. This merger is seen not only as a blend of traditions and values but also as a strategic alignment geared towards long-term client service.
Enhanced Services and Capabilities: The acquisition will notably enhance Cresset’s offerings by integrating Connable’s deep expertise in trust administration and family office services. Connable’s team, led by principals Loyal Eldridge III, Kenneth Larason, James Melvin, and Bradley Weller, will bring valuable experience to Cresset’s already robust suite of services.
Expanded Client Offerings and Outlook
Broadening Service Horizons: Clients of Connable will benefit from a broader range of services post-acquisition, including access to Cresset’s private investment programs, family governance, education, risk management, and concierge services. This expansion is set to provide clients with the kind of comprehensive, high-touch solutions typically reserved for the largest endowments and single-family offices.
Optimistic Future for Client Service: James Melvin, CEO of Connable, expressed enthusiasm about the partnership, stating, “We are excited to partner with the Cresset team and provide our client families with comprehensive services for another 130+ years.” The shared vision for a client-first mentality and a holistic, team-based approach to service is a core element of their optimistic outlook for the future.
Advisory and Legal Support: The acquisition was facilitated by Republic Capital Group, who acted as the financial advisor, while Alston & Bird LLP provided legal counsel, ensuring a smooth transition and integration process.
This acquisition marks a significant milestone in the asset management industry, not just in terms of the financial scale but also in the enhanced quality of services that clients can expect. With a combined legacy of over 230 years, the new Cresset-Connable partnership is poised to set a new standard in family office and wealth management services.