New Chicago MFO hires US Bank’s family office chief

Chicago-based Cresset Capital Management has launched a family office unit and hired an industry veteran to lead it.

Michael Cole, formerly the president and founder at U.S. Bank’s Ascent Private Capital Management, will serve as the head of the newly-minted Cresset Family Office from the firm’s San Francisco office. A spokesman for U.S. Bank did not respond to a request for comment on Cole’s replacement at that firm.

Cole told PAM that he was attracted to the idea of working for Cresset because the firm operates under employee and client ownership.

“They connected with me and I felt that the best model is the one that is independent and is aligned with the families,” he said. “It works better than the wirehouse and bank models.”

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