Cresset bulks up multifamily office by merging with True Capital Management

True brings $1.7 billion and a raft of athlete and entertainer clients to the Cresset platform, which is hovering around $33 billion.

The rapid pace of growth continues at Cresset Asset Management, which is reaching the $33 billion mark through a merger with True Capital Management, a $1.7 billion multifamily office that has a specialized focus on athletes and entertainers.

True currently works with more than 350 clients, including Deandre Ayton, Robert Griffin III, Marshawn Lynch, Breanna Stewart and Diana Taurasi.

The announcement of the True deal comes just a week after Cresset hired its first company president, Liz Nesvold, to help execute its “100-year vision.” Nesvold is a 30-year veteran of financial services and most recently a managing director at Raymond James.

Avy Stein, who co-founded Cresset six years ago, said hiring Nesvold as president “represents the fact that Cresset is growing in so many ways.”

Stein said the Cresset team 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,” he said in a statement. “Our mutual dedication to providing access to a full suite of sophisticated family office services and private investment opportunities makes this an ideal partnership.”

True Chief Executive Doug Raetz said combining with Cresset will introduce a new level of scale.

“We are thrilled to be joining forces with Cresset,” Raetz said. “Since we started True in 2007, our priority has been to build relationships with our clients based on transparency and trust as they navigate the rare opportunities and unique challenges that come with wealth. That commitment will only be strengthened and enhanced with Cresset.”