Cresset Asset Management has purchased PagnatoKarp, a Reston, Virginia-based registered investment adviser with $2.3 billion in assets under management, bringing Cresset’s assets under management to $9.5 billion with eight offices around the nation. Financial terms were not disclosed.
All of PagnatoKarp’s team members are joining Cresset and will continue providing private wealth management and family office services to clients.
“PagnatoKarp was born during the Great Recession in reaction to the lack of transparency in the industry. Our desire was to create a new paradigm for wealth management by democratizing the family office. In Cresset, we have found a partner that shares that vision and has the scale and depth of capabilities to greatly expand the services we offer to a broader segment of individuals and families,” said Paul Pagnato, CEO and founder of PagnatoKarp.
Cresset offers individuals and families access to a suite of family office services, wealth management, investment advisory, planning and other services through Cresset Asset Management, an SEC registered investment adviser.
Cresset Partners, Cresset’s private investing group, together with Diversified Real Estate Capital, recently launched its second qualified opportunity zone fund, Cresset-Diversified QOZ Fund II, with a capital raise target of up to $750 million.
Their first qualified opportunity zone fund, the Cresset-Diversified QOZ Fund, closed in March 2020 after raising the $465 million in capital.