Seven senior executives of U.S. Bank’s ultrahigh-net-worth business have left the firm to join their former boss, Michael Cole, at Cresset Capital Management’s newly formed multifamily office.
Cole ditched U.S. Bank in June to lead Cresset Family Office, a company founded by private equity entrepreneurs Eric Becker and Avy Stein as part of Cresset Capital.
He had been at the helm of Ascent Private Capital Management, U.S. Bank’s ultrahigh-net-worth business, since 2010 when he was hired to launch the unit.
Four of the seven who defected from Ascent worked in the San Francisco office: Martim de Arantes Oliveira, formerly regional managing director; Sisi Tran, former managing director for wealth strategy; Tom Crotty, former managing director of CFO services; and Jan Farren, former senior managing director of marketing and professional development.
Two worked in Denver: Scott Winget, former senior managing director for wealth sustainability; and Will Amerine, former managing director of strategic relationships.
One worked in Chicago: Mark Foster, Ascent’s former head of private banking.
“We are excited to work with these accomplished leaders to support Cresset’s vision to provide our clients with the comprehensive, highly personalized approach to wealth management that they deserve,” Avy Stein said in a statement.
Through a spokeswoman, Ascent said that its “excellent team of professionals” will work to ensure that “clients continue to receive the great service they’ve come to expect.”
“Providing an exceptional experience to our clients remains the number one priority in all of our offices across the country, and we will continue to actively engage our valued clients and teams to ensure a seamless transition,” Leslie Ingberg, a spokeswoman for U.S. Bank, said.
U.S. Bank last month announced that it had tapped a regional managing director in Denver to run the business nationally.
In addition to the Ascent executives, Cresset recruited a senior wealth education specialist from Morgan Stanley, bringing the total number of hires to eight.
Cresset Capital Management launched Cresset Family Office in June to build upon the independent wealth management platform provided by RIA firm Cresset Wealth Advisors, the firm said.
“Cresset provides the optimal setting for the future of family office services, which is very compelling in attracting highly experienced talent in the industry,” Cole said.