Crescent Grove Advisors, a Lake Forest, Illinois-based wealth manager catering to ultra-high-net-worth families and institutions, has elevated Andrew Krei to the role of chief investment officer. The promotion, announced Tuesday, formalizes Krei's leadership after he had been serving in a co-CIO capacity, and it underscores the firm's commitment to cultivating executive talent from within.
Dave Keevins, who co-founded the firm in 2015, will relinquish day-to-day investment management duties to chair the firm's investment committee. He will continue as managing director and senior client advisor, maintaining a client-facing role while providing strategic oversight. Keevins, who mentored Krei at Cedar Street Advisors before founding Crescent Grove, noted their professional relationship spans two decades. "Now is the perfect time for him to take over managing the day-to-day operations of the Investment Committee while I focus on its oversight and strategic direction," Keevins said in a statement.
Krei, who joined Crescent Grove after leading investment research at Cedar Street Advisors, will now direct portfolio construction, asset allocation, and investment research. He holds a bachelor's degree from the University of California at Los Angeles and is a member of the CFA Society in Milwaukee. In a statement, Krei expressed gratitude for the firm's confidence and emphasized the importance of maintaining an open-architecture investment platform. "Maintaining that high standard is key to our ability to go above and beyond for clients in delivering exceptional outcomes as their wealth and the marketplace become more complex," he said.
Gregg George, co-founder, managing director, and senior client advisor, highlighted the firm's growth philosophy. "Our growth has always been rooted in building from within, investing in our people, expanding our capabilities and creating opportunities for talented professionals to grow with the organization," George said. He added that the investment committee, led by Keevins and Krei, has built a distinctive platform that evolves with client needs.
Crescent Grove manages more than $5 billion in assets across offices in Lake Forest, Milwaukee, and Atlanta. The firm is employee-owned, a structure that aligns with its emphasis on internal advancement. This leadership transition comes as mid-sized independent RIAs face increasing pressure to formalize executive structures once typical of much larger enterprises.
Industry data from Schwab's 2025 RIA Benchmarking Study indicates that roles such as chief investment officer, chief compliance officer, and chief operating officer appear at roughly 40% or more of firms once assets exceed $1 billion. The same survey found that executive management positions constitute nearly one in six staff members industrywide, with equity ownership concentrated among managing partners and chief executives.
Compensation for CIOs at wealth firms has also risen. According to the Ensemble Practice's latest research, median CIO compensation reached just over $346,000 in 2025, including roughly $280,600 in base pay. Many CIOs also receive equity ownership, deferred income, and stock compensation, reflecting the strategic importance of the role.
The move at Crescent Grove aligns with broader industry trends. Advisor Growth Strategies' 2026 RIA Deal Room Report notes that firms in the $500 million-to-$5 billion segment—the so-called middle market—are increasingly caught between scaling up or becoming acquisition targets. Buyers are placing a premium on firms with a "strong and engaged next-gen team," a factor that Crescent Grove's internal promotion strategy directly addresses.
Krei's appointment signals continuity and stability, qualities that resonate with clients and employees alike. As the firm enters its second decade, the leadership structure aims to balance experienced oversight with fresh perspective. Keevins' continued involvement as committee chair ensures institutional memory, while Krei's operational control positions the firm for future growth.
For RIAs of Crescent Grove's size, such transitions are critical. The firm's decision to promote from within rather than recruit externally reflects a deliberate strategy to retain talent and maintain cultural cohesion. As the wealth management industry consolidates, firms that demonstrate robust succession planning are likely to attract both clients and potential acquirers.
