MAI Capital Management has expanded its financial planning and investment teams at its headquarters in Cleveland with the acquisition of Winfield Associates.
Financial terms of the deal were not disclosed. The acquisition, which closed on 24 June 2022, increases MAI’s assets under management by over $368m.
Founded in 1997, the acquired entity offers a range of financial advice, customised investment portfolios and private wealth services for its customers.
The firm primarily caters to the needs of individual investors, endowments and foundations, business owners and professionals, and retirees.
As part of the transaction, Winfield co-founder Christopher Baker and senior executive Mark Haley will join MAI as managing directors and partners.
Baker and Haley said: “Our clients are our top priority, and we are committed to delivering comprehensive support and strategies that advance their financial goals.
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“Partnering with MAI allows us to continue to deliver this level of service, while enhancing the technology, resources and solutions we offer our clients.”
The deal marks MAI’s sixth acquisition since securing strategic investment from financial service Galway in last September.
The firm is leveraging its partnership with Galway for ongoing and strategic growth through M&A and organic activity and expand its client service offerings.
Earlier this year, MAI took over Monarch Business & Wealth Management located in New York City.
Commenting on the deal, MAI managing partner Rick Buoncore said: “We are proud that MAI is regarded for personalised service and a steadfast commitment to our clients.
“Christopher, Mark and the entire Winfield team share this perspective, further empowering our team and extending our reach to additional clients. We are excited to welcome them to the MAI team.”