Cresset Snags Chief People Officer From JPMorganCresset Snags Chief People Officer From JPMorgan

Cresset, the Chicago-headquartered registered investment advisor with more than $65 billion in assets under management, has hired Melissa Karetny as chief people officer. She joins from JP Morgan Chase, where she led the 18-month-long talent transition of First Republic Bank.

Karetny replaces Adwoa Mograbi, who left the firm to pursue other opportunities. She served in the chief people officer role starting in 2022.

JP Morgan announced plans to acquire First Republic in May 2023 in a government-led deal for the failed lender. The bank had 229 advisors at the time. Karetny was the vice president, human resource business partner at First Republic, supporting the COO and operations executive leadership team. She was responsible for retaining key talent and mitigating risk as client accounts were transitioned to JPMorgan.

“I’ve had the pleasure of working with Melissa and know her as a trusted advisor, coach and counselor to leaders at all levels, as well as a strategic change agent and thoughtful communicator,” Cresset President and COO Susie Cranston said in a statement.  

Prior to joining First Republic, she served as senior director, human resource business partner, for digital, product and technology at Macy’s Inc.

Karetny is based out of San Francisco and will join Cresset’s management committee.

Cresset recently announced that its private markets investment business, Cresset Partners, had rebranded to Peakline Partners as it seeks to carve out an independent identity. The newly named Peakline will retain the same team and focus on private investments for wealth advisors, family offices and clients of the RIA.

Cresset was founded by Eric Becker and Stein in 2017 to manage their own families’ assets. The duo came out of the private equity world, and the firm has focused on bringing private placements to its wealthy clients. It serves high-net-worth clients, including entrepreneurs, CEOs and executives, as well as multigenerational families. Cresset provides boutique family office services, personalized wealth management, private investing opportunities and a community focused on peer-to-peer learning.

Late last year, Cresset sold a minority stake to Constellation Wealth Capital, the private equity company created by former Emigrant Partners CEO Karl Heckenberg to invest in the growing RIA channel. Constellation has invested $150 million, representing less than 10% of Cresset’s equity.