Cresset Acquires 19th Century Michigan Family Office

Cresset Asset Management acquired The Connable Office, Inc., one of the country’s oldest multifamily offices. Connable, headquartered in Kalamazoo, MI, and founded as a private trust business, has been in operation for over 130 years.

The combined firm will manage more than $52 billion in assets on behalf of high-net-worth and ultra-high-net-worth clients.

Led by principals, Loyal Eldridge III, Kenneth Larason, James Melvin, and Bradley Weller Connable originated as a single-family office in the late 1800s. The firm has served seven generations of its founding family and numerous other multi-generational client families throughout the country.

“Cresset and Connable together are an outstanding cultural fit. We are the powerful combination of a firm with a 100+ year legacy and one that has been built for the next 100 years,” said Eric Becker, co-founder and co-chairman of Cresset. “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. Our combined business is designed to serve our clients for generations to come.”

Connable clients will also have access to Cresset’s private investment program, family governance and education, risk management, peer-to-peer learning opportunities, and concierge services.

Republic Capital Group served as financial advisor and Alston & Bird LLP served as legal counsel to Connable.

In April, Cresset announced it recruited two new advisory teams that managed approximately $5 billion in assets on behalf of 160 client households, to its San Francisco office.

Previously with J.P. Morgan Wealth Management, and prior to that First Republic Bank, the two teams comprise three advisors and a 12-person support staff.