Cresset Asset Management and TRUE Capital Management announced a merger, creating a multi-family office with nearly $33 billion in assets under management. The merger expands Cresset’s presence in the sports and entertainment industry. 

San Francisco-based TRUE, an independent registered investment advisor that manages $1.7 billion in client assets, has built a reputation for serving high-profile clients across all major sports, entertainment and entrepreneurships. 

“We are thrilled to be joining forces with Cresset. 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,” said Doug Raetz, CEO of TRUE. 

TRUE currently has more than 350 clients, including NBA player Deandre Ayton, former NFL players Robert Griffin III and Marshawn Lynch, former MLB professional Albert Pujols and WNBA stars Breanna Stewart and Diana Taurasi. 

The announcement comes just a week after Chicago-based Cresset hired its first company president, Liz Nesvold, a veteran investment banker and expert on M&A advisory in the RIA business.