American wealth manager MAI Capital Management has acquired Ohio-based financial planner Rodman Capital Management (RCM).

The financial terms of the acquisition were not disclosed.

Established in 1988, RCM offers investment management services for individuals, trusts, charitable organisations, and estates, among others.

The deal will boost MAI’s assets under management by more than $75m. RCM founder David Rodman will also migrate to MAI as a wealth manager and managing director.

MAI managing partner Rick Buoncore said: “Over the last 30 years, David has demonstrated a commitment to designing quality investment management strategies and solutions that help his clients meet their financial goals.

“He maintains a fiduciary approach, which is central to MAI’s client-first philosophy. We are excited to add David to our team and continue offering goals-based investment management solutions to our clients.”

Rodman stated: “Joining with MAI provides an exceptional long-term solution for my clients.

“I see an outstanding opportunity for my clients with MAI, as MAI brings the full depth and breadth of its considerable resources and experience to bear on helping my clients to achieve their financial goals.”

The latest deal is MAI’s fifth acquisition since July 2017.

Earlier this year, MAI acquired MTX Wealth Management to expand its footprint. The deal added more than $400m in assets to MAI’s books.

In July this year, MAI rolled up John D. Dovich & Associates.