Gresham Partners, a Chicago-based independent wealth management firm, has named two new principals.

Both new principals are moving from existing roles within the firm. Joe Simpson has been the firm’s senior investment analyst since 2005, and David Colton joined the firm’s client service team in 2009.

“Joe’s contributions to the development of Gresham’s investment platform convey the level of excellence our clients and team expect,” according to Gresham’s president and CIO Ted Neild. Prior to joining Gresham, Simpson was a vice president in the private banking and investment group at Merrill Lynch.

Meanwhile, Colton “came to Gresham with excellent qualifications and a commitment to furthering Gresham’s success,” according to the firm’s chairman and founder Ben Beavers. “He is an excellent fit with our firm’s culture, and we are pleased to recognize him as a leader in our organization.”

Before joining Gresham, Colton was a partner and co-head of the fiduciary tax practice at MFA, a New England CPA firm.

Gresham Partners, founded in 1997, is a wealth management firm that serves families with investable assets of at least $25 million. The firm has nearly $3 billion under management.

Danielle Reed writes for Financial Planning.