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December 21, 2021

MAI Capital Management takes over Investment Planning Associates

By Verdict Staff

US-based registered investment adviser (RIA) MAI Capital Management has acquired Investment Planning Associates (IPA) to expand its presence into Rockville, Maryland.

The deal, whose financial terms have not been disclosed, also expands MAI’s wealth management capabilities and increases its assets under management by $235m.

Established in 1990, IPA specialises in customised financial and investment planning services.

As part of the deal, the firm’s founding partner Jay Levin will become senior wealth advisor and managing director at MAI while Ari Wiener will assume the role of wealth advisor and director.

MAI managing partner Rick Buoncore said: “MAI is excited to welcome Jay and Ari to the team and continue to expand our Mid-Atlantic presence.

“IPA has a long-standing reputation, spanning over 30-years, of client-first service, which mirrors MAI’s approach.”

IPA marks MAI’s fourth acquisition since it secured strategic investment from financial services distribution company Galway in this September.

The firm is currently looking to propel its strategic growth through continued M&A and organic activity in alliance with Galway.

Galway executive chairman John Hahn commented: “MAI continues to seek out firms with shared values.

“In the current investing environment, with countless options and unlimited access to information, investors need to be assured that their financial futures are being shepherded by experienced individuals and that is what IPA has shown through their decades of client-focused advising.”

MAI’s recent acquisitions includes North Carolina-based Queens Oak Advisors, Chicagoland area-based Hochman Cole Investment Advisors and Ohio-based Storey & Associates.

Earlier this year, the firm purchased HW Financial Advisors and the wealth management division of Ownership Advisors, MWM Investment Consulting and Baltimore-based Geier Asset Management.

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