Ohio-based MAI Capital Management has snapped up New York-based Grisanti Capital Management (GCM), marking its first acquisition of 2020.
The acquisition adds more than $225m in assets under management to MAI’s $6.7bn portfolio.
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The value of the all-equity deal was not divulged.
The deal builds on the friendship between MAI managing partner Rick Buoncore and GCM founder Christopher Grisanti.
As part of the deal, Grisanti will join MAI and will serve as the chief equity strategist and senior portfolio manager at the firm.
At MAI, Grisanti will manage the construction of equity products.
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By GlobalDataGrisanti stated: “As economies of scale became increasingly desirable, we searched for years to find the perfect partner. MAI offers an abundance of resources while also granting us the freedom to continue nurturing long-standing relationships with our clients.
“I have known Rick professionally and personally for more than 25 years and have seen how MAI has grown under his leadership.”
GCM offers personalised investment solutions, utilising bottom-up portfolio management based on proprietary research.
The firm offers long-term equity strategies, namely the Grisanti Large Cap Value Portfolio and the Grisanti High Income Equity Portfolio.
Buoncore noted: “Chris and I have been friends for many years and his client-centric vision aligns perfectly with MAI’s philosophy.
“The GCM team brings an established portfolio management style that exemplifies MAI’s commitment to long-term success for clients.”
The latest deal expands MAI’s New York presence.
Recently, MAI snapped up New York-based investment management firm J.M. Hartwell with more than $640m in assets.
