Ohio-based RIA MAI Capital Management has bolstered its national footprint by acquiring Greenway Family Office (GFO) for an unknown sum.

Founded in 2010 by Joan Malloy, GFO offers financial planning services to HNW family and business owner clients.

The takeover of GFO enables MAI to expand its presence to St. Louis and brings more than $500m in assets.

MAI managing partner Rick Buoncore said: “Throughout the last decade, Joan and her team have fostered a deep commitment to serving clients at the highest level, a sentiment our MAI team shares.

“As we continue to grow, our goal is to expand capabilities in core areas and harness the expertise that will most benefit our clients. Joan’s leadership and specialisation in serving wealthy families and business owners will be a significant driver in MAI’s future growth.”

The GFO team will join MAI as part of the deal while Malloy will serve as the regional managing director of family office at MAI.

Malloy said: “The MAI team embodies a culture of superior service and provides a personalised touch for its clients.

“This approach mirrors our team’s foundational beliefs. As we align our focuses, we will be better positioned to serve our clients and offer more robust solutions to help them meet their goals.”

This is MAI’s second acquisition this year and eighth after securing a minority investment from Wealth Partners Capital Group (WPCG) in July 2017.

The firm concluded five deals in 2019, accelerating its expansion to Reston, Virginia, Cincinnati and New York City.

Its 2019 purchases include Rodman Capital Management and the wealth management arm of CCI Financial Group, among others.