Registered investment adviser (RIA) MAI Capital Management has bought Cleveland-based Pareto Wealth Management for an undisclosed sum.

The deal represents MAI’s eighth purchase after it was acquired by Galway in September last year.

Led by Sean Kriak and Joe Palko, Pareto currently offers financial planning and wealth management solutions to high-net-worth customers. Earlier, the company was a part of McDonald Partners Wealth Advisory Group in Cleveland.

Following the latest deal, both Kriak and Palko will be appointed as managing directors at MAI. The entire Pareto team will also migrate under new ownership.

The deal will enhance MAI’s presence in Northeast Ohio. It has also enabled the RIA to include additional staff in its financial planning and wealth division located at its headquarters in Independence, Ohio, US.

MAI managing partner Rick Buoncore said: “Partnering with professionals who share our client-first philosophy remains a priority for us as we grow.

“Sean and Joe exemplify this commitment and will be additive to MAI’s larger financial planning and wealth management offerings.”

Recently, MAI announced a collaboration with a California-based wealth management company Intersect. The partnership aims to advise professional athletes.

The company has undertaken a series of acquisitions recently. In the early part of this year, MAI bought Winfield Associates in Cleveland and Monarch Business & Wealth Management in New York City.

Before that, MAI purchased Investment Planning Associates in Rockville, Maryland, US, among others.

Kriak said: “Our team’s top focus is on delivering a superior client experience.

“Partnering with MAI will allow us to amplify these efforts, bringing expanded tools and resources for our clients, while affording us more time to focus on meeting our clients’ goals and needs.”