Cresset, the Chicago-headquartered registered investment advisor overseeing more than $40 billion in client assets, has recruited Mark Tremblay from Bessemer Trust to lead its family office services division. Tremblay, who spent over two decades at Bessemer, will serve as executive managing director and head of Family Office Services, based in Cresset's New York office. He will also join the firm's Management Committee, according to a Monday announcement.
Tremblay's appointment is the latest in a series of senior hires at Cresset, which last week added two managing directors: Ali Bathgate Hild, who joined from J.P. Morgan Private Bank in Denver, and Mark Ostroff, a 35-year wealth advisory veteran based in New York. The trio of hires underscores Cresset's strategy to deepen its bench in fiduciary, tax, trust, and estate planning services for ultra-high-net-worth families.
At Bessemer Trust, Tremblay served as regional director and head of family office management, overseeing client service delivery across the Midwest. Earlier in his career, he spent 12 years as a strategy consultant at Monitor Group, advising on large-scale corporate transformations. His experience spans liquidity events, multigenerational wealth transfers, and the operational demands of single-family offices.
“His leadership strengthens our capabilities and accelerates how we deliver for clients whose needs continue to grow in complexity and scope,” said Susie Cranston, CEO of Cresset Capital Management, in a statement.
The multi-family office space has grown rapidly, with global assets under management reaching $5.2 trillion as of December, according to research from With Intelligence. Of the 1,632 firms tracked, 573 were based in North America, accounting for more than half of the global asset pool. Meanwhile, FINTRX reported that single-family offices made up just over three-fifths of new entries to its database in the first quarter, with North America home to 49 of the 119 firms added.
Despite the proliferation, some industry observers question whether all self-described family offices meet the standard. “They sell you a portfolio, refer you to an attorney or CPA, and call it 'integrated wealth planning.' As a result, the term ‘family office’ has become a catch-all without a clear meaning,” Anthony Englert, managing director at Sanctuary Wealth partner firm Alfa Advisory, told InvestmentNews.
Cresset's latest hires aim to differentiate its offering by providing a comprehensive service layer that includes investment oversight, tax planning, trust and estate administration, and ongoing management of complex, multigenerational client relationships. The firm's push comes as wealth events—such as business sales and inheritances—drive families toward more institutional governance, as highlighted in a recent Morgan Stanley report.
“I have spent my career working with families navigating complex, long-term decisions, and it is clear that what they value most is thoughtful coordination and true alignment,” Tremblay said. “Cresset has built a platform and a culture that reflects that reality.”
The firm's recent moves echo broader industry trends, with other RIAs like Carson Group and Wealthspire also making strategic hires and acquisitions to bolster their ultra-high-net-worth services. Cresset's focus on family office capabilities positions it to compete with larger multi-family offices and private banks for a share of the growing wealth management market.
