Cresset Asset Management completed the acquisition of PagnatoKarp.

Cresset Asset Management, a wealth management firm, completed the acquisition of PagnatoKarp, a Reston, Virginia-based SEC registered investment adviser. Financial terms were not disclosed. "PagnatoKarp was born during the Great Recession in reaction to the lack of transparency in the industry. Our desire was to create a new paradigm for wealth management by democratizing the family office. In Cresset, we have found a partner that shares that vision and has the scale and depth of capabilities to greatly expand the services we offer to a broader segment of individuals and families," Paul Pagnato, PagnatoKarp Founder and CEO.