CH Investment Partners of Dallas, a wealth management firm focused on ultra-high-net-worth families, has been sold to Chicago-based Cresset Capital.
The deal marks Cresset’s second acquisition in 2024 following its announced purchase of The Connable Office in Kalamazoo, Michigan, back in June.
Beyond standard publicly traded equities, CH Investment Partners offers clients access to private equity, real estate, and hedge funds, among other investments. All 37 CH Investment Partner employees will be absorbed into Cresset Capital. The deal will expand Cresset’s footprint to 20 offices across the United States. In total, the firm will now manage roughly $62 billion in assets, including the more than $6 billion that came with the purchase of CH.
Mike Silverman, CH Investment Partners co-president and chief investment officer, believes the acquisition will benefit CH’s existing clientele, which includes 64 families.
“This partnership with Cresset is a terrific cultural match for us, as it will allow us to broaden the access to services and investments for our families… We also look forward to expanding access to our family office services and the comprehensive,” Silverman said in a statement.
Family offices, like CH, which deliver discrete bespoke wealth management services, are expected to experience substantial growth in the coming years. According to CNBC, family offices are forecast to add more than $2 trillion in assets under management through the end of the decade.
Silverman, along with CH’s other co-president, Kirk Rimer, will continue to run the firm.
Cresset’s co-founder and co-chairman Avi Stein echoed Silverman’s message.
“Cresset and CH Investment Partners share a family-first orientation that prioritizes high-touch service to consistently produce deeply impactful results,” said Stein.
Over the past two decades alone, centimillionaires—those worth $100 million or more—have seen their numbers double to more than 28,000. Globally, there are roughly 2,700 billionaires, 19 of whom were residing in Dallas as of 2023.