One of the high-profile entrepreneurs in the US wealth management industry has left Cresset Asset Management, a business he has led for two years and a time of rapid growth and hires.

The chief executive of Cresset Asset Management, Michael Cole, has resigned from the US wealth management firm after a busy two-year stint in the post that saw him hire a raft of advisors and expand in different parts of the US.

Media reports and Cole’s own statement on his Linkedin page said that he had left the US business. Cresset co-founder Avy Stein is reportedly taking over Cole’s role on an interim basis. 

“For the last two years, it has been my honor and pleasure to serve as the chief executive officer of Cresset Asset Management, LLC. During my tenure, we grew the firm from a start-up to one of the fastest growing RIAs in the country, now ranked in the top 25 for wealth management companies based on assets under management,” he said. “I really enjoyed my experience at Cresset and met some phenomenal people along the way. I will continue my connection with the firm as an equity owner and investor. Nevertheless, it is now the right time for me to explore other endeavors and opportunities. I am excited to enter the next stage of my journey and look forward to what the future will bring.”

Responding to Family Wealth Report's queries, Cresset said in a statement: "We are grateful for the contributions of Michael and to Cresset and wish them the best with their future endeavors. Cresset’s Family Office Services group has a strong team of more than 20 professionals under the leadership of Bill Rudnick and Barbara Young. With Cresset’s recent partnership with PagnatoKarp, we have expanded our Family Office Services offerings to include cyber security assessments, concierge services, and healthcare advocacy. Overall, Cresset continues on its strong growth trajectory with approximately $10 billion in assets under management, more than 150 employees and eight offices around the country."

Cole spoke to FWR in May last year about how Cresset was growing and its specific business ownership model, which he said aligned the interests of staff with those of the wider firm, and clients. 

In June, Cresset Asset Management acquired fellow RIA PagnatoKarp to create a $9.5 billion firm. PagnatoKarp is a Reston, Virginia-based SEC registered investment advisor with $2.3 billion in assets under management. The transaction, carried out in a cash and equity deal, is part of an industry M&A trend that has not been squashed by the COVID-19 pandemic.

Among recent moves, Cresset appointed Bill Rudnick to lead its family office services group. 

The business was founded by private equity entrepreneurs Eric Becker and Avy Stein. The firm offers a suite of family office services and wealth management, investment advisory, planning and other services through Cresset Asset Management, an SEC registered investment advisor. Cresset Partners, Cresset’s private investing group, offers clients direct access to real estate, private equity, and other investment opportunities.