Ohio-based RIA MAI Capital Management has acquired Smith Capital Management (SCM), thereby expanding its presence to Arkansas.
Financial and legal terms of the deal were not made public.
Go deeper with GlobalData
MAI expects the deal to offer a foundation for future growth and expanded service across the Northwest region of the state.
Furthermore, it adds over $500m in assets under management to the company’s books.
The acquired company, which has over 35 years of experience in wealth management, offers customised solutions to HNW customers.
Additionally, the Little Rock-based firm provides financial counsel to foundations and supervises the management of corporate retirement plans.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAs part of the transaction, SCM senior partners, Stephen Chaffin and Jay White will assume the roles of regional managing directors at MAI.
MAI managing partner Rick Buoncore said: “Our partnership with SCM works due to our shared philosophy and culture, as well as our collective commitment to sustained and strategic growth.”
Chaffin added: “MAI shares our client-first mentality and commitment to comprehensive financial planning and will allow us to grow our presence across Arkansas. Our partnership will expand the services we offer clients and enhance our technological capabilities, which is key in the current virtual environment.”
Recent purchases by MAI
The acquisition of SCM marks MAI’s third partnership this year. It is also said to the company’s ninth purchase since receiving a minority investment from Wealth Partners Capital Group (WPCG) in July 2017.
WPCG managing partner John Copeland said: “Even with all of the uncertainties this year, MAI continues to emerge as a leader in the RIA industry, forging strategic partnerships that drive growth and success for clients.”
Last month, MAI bolstered its national footprint by acquiring Greenway Family Office (GFO) for an unknown sum.
The firm concluded five deals last year, including the acquisition of Rodman Capital Management and the wealth management arm of CCI Financial Group.
