PagnatoKarp
PagnatoKarp was an award-winning boutique private wealth management firm and multi-family office dedicated to transparency, integrity and trustworthiness. The firm was also known for its holistic approach to wealth management and its experienced team of advisors. The firm catered to ultra-high-net-worth individuals and families, wealth creators, and CEO founders. It provided a comprehensive range of services, including investment management, financial planning, tax planning, estate planning, and philanthropic planning. PagnatoKarp was acquired by Cresset Capital in June 2020.
PagnatoKarp was formed in 2011 when financial advisors Paul Pagnato and David Karp left Merrill Lynch after nearly 20 years with the bank.
They initially joined Hightower Advisors, but the advisors left the firm in 2016, with about 10% of their advisory assets.
Their vision was to create a new paradigm for wealth management by democratizing the family office model.
They were also set out to provide clients with access to the same level of service and expertise that was previously only available to the ultra-wealthy.
The firm was frequently ranked a Barron’s Top Advisor and a Forbes Top Advisor, PagnatoKarp is named 2020 best “Multi-Family Office ($2.5 billion to $5 billion AuM/AuA)” by Family Wealth Report.
In addition to its wealth management services, PagnatoKarp also offered a variety of other services to its clients, including:
Family office services: Managing household finances, coordinating with their other professional advisors, and planning for the transfer of wealth to future generations.
Investment Management: Develop and implement customized investment strategies that are aligned with their individual goals and risk tolerance.
Financial Planning: A variety of financial planning tasks, such as budgeting, saving for retirement, and creating a financial plan for their children's education.
Tax Planning: Minimize their tax burden and develop tax-efficient strategies for managing their wealth.
Estate Planning: Create and implement estate plans that protect their assets and ensure that their wishes are carried out after they are gone.
ACQUISITION OF PAGNATOKARP
Cresset acquired PagnatoKarp in June 2020. The acquisition combined two of the leading multi-family office firms in the U.S., and was Cresset's third and largest deal since its founding.
Together with PagnatoKarp, Cresset now has $9.5 billion in AUM and eight offices around the nation.
It also expanded Cresset's reach into the Washington, D.C. metropolitan area, where PagnatoKarp had a strong presence.
The strategic combination places Cresset among the 25 largest RIAs in the country based on the methodology used from InvestmentNews’ RIA Data Center AUM.