Chicago-based Cresset Asset Management has acquired investment advisory firm Cypress Wealth Advisors, which is based in San Francisco.
Cypress currently has over $500m (£381m, €447m) in assets under management, widening Cresset’s reach in the bay area.
The wealth manager also recently bought another financial advisory business, called Evanston Advisors, based in Chicago, that also has more than $500m in assets under management.
Cypress was founded in 2004 and focuses on investment management, tax and estate planning, as well as wealth transfer and maximisation.
Its team has already joined Cresset in San Francisco while keeping its entire client portfolio.
Following the acquisition, Cresset, which was set up in 2017, now has over $4.5bn in assets under management with offices in Chicago; West Palm Beach, Florida; San Francisco; Seattle; Denver and Minneapolis.
