Ohio-based RIA MAI Capital Management has acquired Smith Capital Management (SCM), thereby expanding its presence to Arkansas.
Financial and legal terms of the deal were not made public.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
MAI expects the deal to offer a foundation for future growth and expanded service across the Northwest region of the state.
Furthermore, it adds over $500m in assets under management to the company’s books.
The acquired company, which has over 35 years of experience in wealth management, offers customised solutions to HNW customers.
Additionally, the Little Rock-based firm provides financial counsel to foundations and supervises the management of corporate retirement plans.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAs part of the transaction, SCM senior partners, Stephen Chaffin and Jay White will assume the roles of regional managing directors at MAI.
MAI managing partner Rick Buoncore said: “Our partnership with SCM works due to our shared philosophy and culture, as well as our collective commitment to sustained and strategic growth.”
Chaffin added: “MAI shares our client-first mentality and commitment to comprehensive financial planning and will allow us to grow our presence across Arkansas. Our partnership will expand the services we offer clients and enhance our technological capabilities, which is key in the current virtual environment.”
Recent purchases by MAI
The acquisition of SCM marks MAI’s third partnership this year. It is also said to the company’s ninth purchase since receiving a minority investment from Wealth Partners Capital Group (WPCG) in July 2017.
WPCG managing partner John Copeland said: “Even with all of the uncertainties this year, MAI continues to emerge as a leader in the RIA industry, forging strategic partnerships that drive growth and success for clients.”
Last month, MAI bolstered its national footprint by acquiring Greenway Family Office (GFO) for an unknown sum.
The firm concluded five deals last year, including the acquisition of Rodman Capital Management and the wealth management arm of CCI Financial Group.
