MAI Money Management to Get Possession Advisors | Organization & Finance
CLEVELAND–(Enterprise WIRE)–Mar 29, 2021–
MAI Money Administration, LLC (“MAI”), a major impartial registered financial commitment adviser that specializes in extensive expenditure and economic arranging for superior-internet-value persons and households, has entered into an arrangement to acquire the prosperity administration business enterprise of Possession Advisors, Inc. (“OAI”). The partnership boosts MAI’s in-home wealth administration abilities and strengthens the firm’s Cleveland existence.
OAI is primarily based in Cleveland and offers detailed money organizing and prosperity management services for superior-net-really worth persons and households. The agency specializes in supporting wealth accumulation, intergenerational wealth administration and legacy arranging for its clients. OAI President Mark Van Drunen has in excess of two decades of financial providers business knowledge and will believe the position of Managing Director at MAI.
“MAI’s background of achievements can be attributed to our dedication to shoppers and developing strategic and customized programs that fulfill their individualized plans,” claimed Rick Buoncore, Managing Associate at MAI. “We see this very same philosophy woven into OAI’s lifestyle, which is pushed by described core values and their commitment to supplying high quality organizing and strategic assistance to clients. We are fired up to welcome Mark and his team to MAI.”
“Throughout our background, we have been extremely thoughtful in our get the job done with purchasers, as effectively as the companions we find to greatest serve them,” commented Van Drunen. “In thinking about our upcoming, we sought a partner who shares our values and philosophy, which are embodied by the MAI staff.”
This is MAI’s 11th acquisition given that taking a minority investment from Prosperity Associates Funds Team (“WPCG”), a monetary products and services holding business, in July 2017. Final calendar year, MAI done a few strategic acquisitions that set up the firm’s presence in new geographies, which includes its acquisition of Smith Money Management in Small Rock, Arkansas, Greenway Family members Place of work in St. Louis and Grisanti Capital Management in New York City. Earlier this year, MAI introduced its acquisition of HW Money Advisors, a Beachwood, Ohio-based mostly prosperity supervisor.
“Rick and the MAI staff are targeted on supplying outstanding wealth administration means, applications and abilities for their clientele,” explained John Copeland, Controlling Husband or wife at WPCG. “This partnership with OAI makes it possible for MAI to expand its experience and continue on rising its wealth management presence in Cleveland and over and above.”
The deal with OAI is subject to customary closing circumstances and is anticipated to shut all through the second quarter of 2021. OAI’s assets under administration totaled about $120 million as of Dec. 31, 2020. Financial and lawful phrases of the deal will not be disclosed.
About MAI Cash Administration
MAI Capital Management (“MAI”) is a price-based registered expenditure adviser and prosperity management business based mostly in Cleveland, with extra workplaces in Cincinnati, OH, Ponte Vedra Beach, FL, Nashua, NH, Irvine, CA, Reston, VA, Small Rock, AR, New York City and St. Louis. As of Feb. 28, 2021, MAI’s belongings underneath administration totaled $10 billion. The organization also supplies complete investment decision administration and planning solutions to large-internet-worthy of people, families and athletes. MAI is led by Managing Husband or wife Rick Buoncore. For a lot more facts, make sure you check out www.mai.capital.
About Wealth Companions Capital Group
Wealth Partners Capital Team (“WPCG”) is a monetary solutions holding organization, which has partnered with MAI Cash Administration (“MAI”). WPCG assists MAI by figuring out and integrating like-minded registered expense advisers who are seeking accessibility to expanded business enterprise capabilities, strategic growth and personalized changeover alternatives. The WPCG administration workforce is led by associates John W. Copeland, Rich Gill and Sean Bresnan. For extra data, be sure to stop by www.wealthpcg.com.
Speak to: Marissa Foy Comerford
Gregory FCA for MAI Funds
Key word: UNITED STATES NORTH The usa OHIO
Sector Key phrase: CONSULTING BANKING Skilled Services FINANCE
Resource: MAI Capital Management, LLC
Copyright Company Wire 2021.
PUB: 03/29/2021 08:30 AM/DISC: 03/29/2021 08:30 AM
Copyright Company Wire 2021.