Cresset, the Chicago-based multi-family office, has added a prominent macro strategist to its ranks. Joe Zidle, who spent eight years at Blackstone as chief investment strategist for its private wealth unit, joined the firm on Thursday as executive managing director and chief market strategist, according to an announcement.
In his new role, Zidle will work with Cresset's investment and advisory teams to shape the firm's outlook on macroeconomics, asset allocation, and both public and private markets. He will also advise institutional clients, including foundations and endowments, and help ultra-high-net-worth families with portfolio construction and allocation decisions.
Zidle brings more than three decades of experience translating market views for wealthy clients and their advisors. Before Blackstone, he was a portfolio strategist at Richard Bernstein Advisors, where he focused on asset allocation and relationships with large wealth management firms and independent RIAs. Earlier, he spent nearly a decade at Bank of America Merrill Lynch, rising to head of investment strategy for Global Wealth Management and deputy director of the Research Investment Committee.
After leaving Blackstone, Zidle launched Zidle Macro Strategy Group, an independent research firm covering macroeconomics, public and private markets, and portfolio construction. His arrival at Cresset is part of a broader buildout, according to Mike Silverman, Cresset's chief investment officer. "As Cresset continues to grow, we are building an investment platform designed around the complexity and long-term needs of ultra-high-net-worth families," Silverman said. "His experience across macroeconomics, asset allocation, and public and private markets adds another important perspective to an already deep investment organization."
Cresset reported $264 billion in assets under management and advisement as of July 1. That includes about $88 billion in assets under management at Cresset Asset Management, with roughly $176 billion in assets under advisement across Cresset, Monticello and The Connable Office, according to firm disclosures.
The appointment extends a busy stretch of executive hiring at Cresset, which has been reshaping its top ranks since naming Susie Cranston chief executive officer earlier this year. Cranston, previously Cresset's president, took the CEO role in April, with co-founders Avy Stein and Eric Becker staying on as executive co-chairmen.
In June, Cresset hired Mark Tremblay, a Bessemer Trust veteran, to lead family office services, overseeing fiduciary, tax, trust and estate work for its wealthiest clients. Later that month, it appointed Lucas Huizar, formerly head of retirement legal at payroll company Gusto, as executive managing director and general counsel. In July, Cresset promoted Dheeraj Soni, its managing director and head of trading, to chief technology officer. Soni previously served as CTO of J.P. Morgan Advisors and spent more than a decade leading wealth management technology at First Republic Bank, where Cranston was once chief operating officer.
The hire comes as family offices and multi-family offices increasingly seek macro expertise to navigate volatile markets. For more on how firms are expanding their family office offerings, see Northwestern Mutual's new unit and Northern Trust's recent hires.
