MAI Capital Management, an Ohio-based RIA, has purchased the wealth management arm of local peer CCI Financial Group.

Among the services provided by CCI include financial planning, investment advisory, tax, accounting and family business consulting.

The business is headed by Jeffrey “Jeff” Reitzes, who will now become managing director at MAI.

“As we looked to the next phase of our business, we proactively sought a partner who mirrored our firm’s culture, and we saw great value in MAI’s commitment to providing enhanced resources, tools and solutions for our clients,” Reitzes noted.

The deal adds more than $100m in assets to MAI’s books.

MAI did not reveal how much it paid for the takeover.

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MAI managing partner Rick Buoncore said: “Jeff built a business on a strong foundation of trust and a dedication to providing specialised services and solutions, which are core MAI values.

“We look forward to honouring this trust, while offering CCI clients access to new capabilities in investment management and retirement, estate and legacy planning, as well as family office services.”

The latest acquisition bolsters MAI’s presence in Ohio.

In February 2018, MAI acquired the wealth management division of Ohio’s Calfee Financial Advisors.

Apart from Ohio, MAI also has offices in Florida, New Hampshire and California.

The firm managed around $5.4bn in assets at the end of March 2019.