MAI Capital Management, a US-based registered investment adviser (RIA), has acquired Hochman Cole Investment Advisors to establish its presence in Chicago.

The deal, whose financial terms were not disclosed, was closed on 3 December 2021.

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Illinois-based Hochman Cole offers, financial planning, investment management, and retirement services for high-net-worth (HNW) individuals, families, and business owners.

The firm was founded in 2006 by Joel Hochman and Philip Cole.

As part of the acquisition, both Hochman and Cole, along with Hochman Cole partner Michael Williams and their employees, will join MAI Capital.

MAI managing partner Rick Buoncore said: “Hochman Cole’s philosophy of client-centric advising mirrors our own approach. We are particularly excited to have Phil, Joel, Mike, and their team join MAI and expand our presence into the Chicago area.

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“As we continue to grow, MAI remains committed to partnering with like-minded firms, like Hochman Cole, that enhance our capabilities and share our dedication to providing quality client service.”

The latest deal marks MAI’s second acquisition after Galway’s strategic investment in the firm in September this year.

In October, MAI purchased Storey & Associate to expand its footprint in Ohio and to further bolster its financial planning and asset management offerings.

The firm is planning to expedite its organic growth trajectory and boost its client service offerings with Galway’s backing.

Galway executive chairman John Hahn commented: “To achieve measurable growth in today’s landscape, RIA firms must remain nimble.

“MAI continues to achieve its growth objectives by identifying the right professional partners who share its long-term vision and commitment to providing quality advice and service to its clients.”